President Tharman Shanmugaratnam,
Your Excellency Hassan El Khatib, Minister of Foreign Trade and Investment
Your Excellency Mohamed Abdel Latif, Minister of Education and Technical Education
Mr Hossam Heiba (hay-bah), Chief Executive Officer, General Authority for Investment and Free Zones
Members of the Singapore and Egypt business communities
Excellencies,
Distinguished Guests,
Ladies and gentlemen
1 I am delighted to join Ministers Hassan El Khatib and Mohamed Abdel Latif for the Singapore-Egypt Business Forum. As President Tharman Shanmugaratnam mentioned during the joint press conference yesterday, Singapore’s companies see real promise in Egypt’s future. We have 20 Singapore companies here today, each keen to explore opportunities and forge partnerships in Egypt.
2 Egypt holds a unique strategic position and a wealth of opportunity. You are the most populous country in the Arab world, and third in Africa – a vast domestic market briming with youthful energy, with more than half your people under the age of 25.
3 Egypt also sits at the crossroads of Africa, Europe, and the Middle East, making it a natural gateway for trade and investment across three continents.
a. The Suez Canal, with your ports on the Mediterranean and Red Sea, and your membership in regional trade agreements, such as the EU-Egypt Association Agreement and the African Continental Free Trade Area, give you unparalleled access into African and Middle Eastern markets.
b. Against this backdrop, the complementarity between Singapore and Egypt is clear. Like Egypt, Singapore is strategically situated on the Straits of Malacca. We are a hub for trade, business, manufacturing, and finance, and a gateway to Southeast Asia and the Asia-Pacific.
4 Singapore can be a springboard for Egyptian businesses expanding into Southeast Asia and Asia-Pacific. ASEAN has 660 million people and a relatively young population. Combined, the ASEAN’s economy is the 5th largest in the world and is projected to grow at 4 to 5% for the next 5 years. The region also continues to integrate economically, and is on track to substantially conclude a Digital Economy Framework Agreement this year.
a. Through ASEAN and Singapore’s network of 28 Free Trade Agreements, as well as four Digital Economy Agreements and a Green Economy Agreement,[1] Singapore can help open new pathways for Egyptian companies into Asia.
5 In particular, the Suez Canal is a powerful driver of new opportunities. It is a key artery of global commerce – carrying 12% of global trade and a third of container traffic, with over $1 trillion in goods passing through annually. We applaud President Al Sisi and the Egyptian government for the bold vision of the Suez Canal Economic Zone (SCZone) – an integrated hub of ports, industrial parks, and logistics centres.
a. The SCZone can be a new frontier for our economic partnership – one that creates jobs and prosperity in Egypt, while offering Singaporean companies a gateway into the Middle East and Africa. It presents opportunities for investment in logistics, port management, and transit trade, where Singapore can contribute expertise in. Beyond ports, its industrial projects also offer opportunities for co-operation and co-investment. Singapore stands ready to be a constructive partner in the SCZone’s success.
6 Now is a good time to do more together. Singapore and Egypt are countries that believe in free and open trade. We believe in the benefits of greater economic integration. Today, the rules-based multilateral trading order that has helped us prosper has come under increasing strain. Our countries can help support these principles through action. We are happy that President Abdel Fattah Al Sisi and President Tharman Shanmugaratnam agreed yesterday that it would be timely to explore the feasibility of a bilateral free trade agreement, that could capitalise on our two countries’ complementary strengths and strategic locations.
7 There are promising sectors where our businesses can work together. I will list a few.
a. First, connectivity and logistics. Singapore’s strengths in logistics and connectivity complement Egypt’s developmental priorities in ports and inland logistics. For example, Pacific International Lines and BDP-PSA have established a presence in Egypt and are supporting shipping and distribution. Changi Airports International did a feasibility study for the development of the Cairo Cargo City (CCC) and signed an MOU with Egypt’s Cairo Airport Company in 2024 to assist with the development of the CCC.
b. Second, urban solutions and infrastructure. Large-scale projects like industrial cities and the New Administrative Capital are potential entry points for Singapore firms in utilities, smart city systems, and quality assurance and management services. Singapore companies like Meinhardt are already involved in urban projects, as well as datacentre projects. Egypt’s success in attracting large-scale foreign investments such as from the Ras El Hekma integrated master development project present further opportunities for Singapore companies across the energy, water, waste and data infrastructure sectors, in addition to real estate development.[2]
c. Third, consumer goods and agri-commodities. Egypt’s sizeable market makes it a natural hub for food and consumer goods manufacturing and agri-processing. Olam Food Ingredients and Kellogg-Tolaram[3] have already made use of Egypt’s attractive location as an export base to reach across the Middle Eastern and North African markets. Temasek Life Sciences Laboratory has embarked on a pilot project to conduct research and test the feasibility of growing Temasek Rice, a climate resilient grain, in Egypt. Fashion brand Charles and Keith has proven to be quite popular, with six stores around Cairo.
d. Fourth, tourism. Egypt has plans to double the number of tourists from 15.7 million last year to 30 million by 2031. This requires enhancements to tourism infrastructure, including airports, accommodation, and hospitality services. These present opportunities for Singapore companies in real estate, logistics, and hospitality. The NEON Group from Singapore has already collaborated to promote Egypt’s rich cultural heritage by taking the innovative and multisensory “Ramses (rahm-sees) and the Gold of the Pharaohs” exhibition around the world.
8 Beyond trade and capital, investing in our people and institutions is fundamental to sustaining growth. Both Singapore and Egypt recognise that human capital development and good governance are the bedrock of long-term prosperity. I am glad that MOUs will be signed today between ITE Education Services, the Lee Kuan Yew School of Public Policy, and the Singapore International Arbitration Centre and their Egyptian partners. Singapore has always placed an emphasis on investing in our people and equipping them with the skills necessary to succeed in life. We are happy to share our experience with our Egyptian friends in human capital development, covering wide-ranging areas from public administration and technical and vocational skills certification to international arbitration.
9 Let me conclude. The partnership between Singapore and Egypt is poised for a new era. Ours is a friendship grounded in shared strategic interests – stability, prosperity, and a belief in a connected world. It is strengthened, too, by the ties between our peoples. I am confident the conversations today will add to our growing partnership between businesses, and to the broader relationship between our two nations.
Thank you.
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[1] The four Digital Economy Agreements are: (a) Digital Economic Partnership Agreement (with Chile, New Zealand, and South Korea); (b) Korea-Singapore Digital Partnership Agreement; (c) Singapore-Australia Digital Economy Agreement; and (d) United Kingdom-Singapore Digital Economy Agreement. We have a Green Economy Agreement with Australia.
[2] The UAE has committed US$35 billion in this coastal project on Egypt’s Mediterranean coast, making it the largest single foreign direct investment in Egyptian history and the first private-driven integrated property development that involves plans for residential areas, financial and business districts, tourism facilities and an industrial zone. It is projected to start in 2025. While there have been some negative public perceptions about the Egyptian government selling off public assets for cash, the Egyptian government retains a 35 percent stake.
[3] Noodles manufacturing facility in 6th of October City, serving the MENA region.