Egypt and Singapore on Sunday signed a series of strategic agreements and memoranda of understanding covering investment, education, and capacity building, aimed at opening new horizons for economic cooperation between the two countries.
The signings took place at the Egyptian-Singaporean Business Forum in Cairo.
“The economic relations between Egypt and Singapore hold great potential that exceeds the current figures,” Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib said in his opening speech. He noted that bilateral trade reached $360m in 2024, while direct Singaporean investments stood at about $700min June 2024, across 129 companies.
“These figures are encouraging, but at the same time, they reflect the need for more ambition and the necessity of elevating the level of economic cooperation to match the depth of the political and strategic relations that bind our two countries,” he added.
The signed agreements include an MoU between Egypt’s General Authority for Investment and Free Zones (GAFI) and a Singaporean group to enhance investment cooperation. Another key MoU was signed in the field of technical and vocational education and training between Egypt’s Ministry of Education and Singapore’s Institute of Technical Education Services (ITEES).
In higher education, a cooperation agreement was signed between the German University of Technology in Egypt (GUC’s partner, Saxonia) and ITEES in the field of hospitality and hotel management. Egypt’s National Training Academy also signed two strategic agreements, one with the Singapore International Arbitration Centre and the other with the Lee Kuan Yew School of Public Policy at the National University of Singapore.
El-Khatib concluded by affirming that Egypt is building a “new economic narrative” that opens the door for investment and enhances its position in regional and global value chains. He said the government aims for Egypt to be among the top 50 countries globally in trade and investment competitiveness indicators within the next two years.
The forum, held under the theme “Enhancing Trade and Investment for Sustainable Growth,” was also attended by Singaporean ministers for social development and health, as well as the Egyptian minister of education and the heads of GAFI and the Suez Canal Economic Zone.
