Al-Mashat: 

• Egypt is strengthening its position as a regional hub for trade and logistics through advanced infrastructure in ports and economic zones.

• The historical ties between the two countries and global developments lay the foundation for robust cooperation across various development sectors.

• We look forward to attracting more Singaporean companies to Egypt to increase their investments in various promising sectors.

• Singapore’s Deputy Prime Minister: "We are working to promote cooperation with the Suez Canal Economic Zone."

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with H.E. Mr. Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry. The discussions focused on strengthening economic and trade partnerships between the two countries. The meeting took place on the sidelines of the Ministerial-level meetings of the Organization for Economic Co-operation and Development (OECD) in Paris, France.

During the meeting, H.E. Dr. Rania Al-Mashat emphasized the deep historical ties between Egypt and Singapore, and noted that Egypt is one of the most significant countries with historical relations and diplomatic representation with Singapore. She also highlighted that Singapore’s Embassy in Cairo is the oldest diplomatic of its kind globally, reflecting the depth of their historical bond.

H.E. Minister Al-Mashat stressed the importance of comprehensively fostering bilateral relations, particularly as the 60th anniversary of diplomatic relations between Egypt and Singapore approaches. She underscored that this presents a valuable opportunity to deepen cooperation across various fields, including trade, education, and cultural exchange, with a particular focus on collaboration in ports and digital transformation within the ports and logistics sector.

In this regard, H.E. Dr. Al-Mashat pointed to the massive investments Egypt has made over the past years in the transport, logistics, and ports sectors. This has positioned Egypt as a regional hub for trade and logistics, given its advanced infrastructure and strategic location connecting Asia, Africa, and Europe. 

H.E. Minister Al-Mashat also highlighted the Suez Canal Economic Zone, which offers promising investment opportunities in diverse fields and serves as a gateway for many countries to access African and Middle Eastern markets for their exports and industries.

Al-Mashat commended the strong and enduring relations between the Arab Republic of Egypt and the Republic of Singapore, which have spanned nearly six decades and have consistently been characterized by mutual respect and strategic cooperation. 

H.E. Dr. Al-Mashat reiterated the necessity to work on increasing trade volume and boosting reciprocal investments between the two sides. In this context, both parties discussed priorities for joint cooperation in the coming period to achieve comprehensive economic and social development.

The Minister of Planning, Economic Development and International Cooperation confirmed Egypt's ongoing implementation of economic and structural reforms aimed at enhancing the resilience of the Egyptian economy. These efforts have contributed to a shift in the GDP growth structure, now based on non-petroleum manufacturing industries, as well as transport and storage. She mentioned that these efforts are reflected in the current socio-economic development plan, where private sector investments accounted for over 50% of total investments in the first half of the current fiscal year.

H.E. Dr. Al-Mashat underscored the importance of encouraging Singaporean companies to invest in Egypt, particularly in manufacturing, agriculture, and technology. Currently, Singaporean investments in Egypt are concentrated in five strategic sectors: agriculture, logistics, food industries, information technology, and plastics manufacturing. 

H.E. Minister Al-Mashat affirmed Egypt's commitment to providing a more attractive environment for foreign investment and enhancing growth rates by attracting more Singaporean investments in its priority sectors, especially industry and agriculture.

She also highlighted Egypt's commitment to transitioning towards a green economy by leveraging its natural resources to increase the share of renewable energy and engaging in efforts to produce low-carbon hydrogen. 

The two sides discussed Egypt's endeavors to enhance the legislative and regulatory framework for expanding green finance instruments for the private sector. In this regard, Dr. Rania Al-Mashat noted that the private sector in Egypt significantly benefited from development financing last year, surpassing government utilization.

For his part, Singapore's Deputy Prime Minister acknowledged the shifting global environment and protectionist trade measures that pose challenges to the future of global trade. He emphasized that this necessitates a restructuring of global trade rules by the international community to address these challenges. He reaffirmed Singapore's keenness to advance cooperation with Egypt in value chains and digital transformation, and to promote collaboration with the Suez Canal Economic Zone to exchange expertise and enhance ongoing efforts in trade and logistics.