Dr. Al-Mashat emphasized the deep historical relations between Egypt and Singapore, explaining that Egypt is one of the most important countries with historical relations and diplomatic representation in Singapore. Furthermore, the Singaporean Embassy in Cairo is the oldest diplomatic mission of Singapore in the world, reflecting the depth of these historical relations.
She stressed the importance of strengthening bilateral relations more comprehensively, as the 60th anniversary of the establishment of diplomatic relations between Egypt and Singapore approaches. This represents a valuable opportunity to deepen cooperation in various fields, including trade, education, and cultural exchange, particularly in the areas of ports and digital transformation in the ports and logistics sectors.
Al-Mashat pointed to the massive investments Egypt has made over the past years in the transportation, logistics, and ports sectors, making it a regional trade and logistics hub. This is due to its well-equipped infrastructure and its prime location between Asia, Africa, and Europe. The Suez Canal Economic Zone also offers promising investment opportunities in various fields and represents a gateway for many countries to export their exports and industries to Africa and the Middle East.
She praised the strong and long-standing relations between the Arab Republic of Egypt and the Republic of Singapore, spanning nearly six decades, which have always been characterized by mutual respect and strategic cooperation. She emphasized the need to enhance trade exchange and increase mutual investments between the two sides. In this regard, the two sides discussed priorities for joint cooperation during the coming period, working to achieve comprehensive economic and social development.
Al-Mashat stressed Egypt's continued implementation of economic and structural reforms that enhance the resilience of the Egyptian economy. This has contributed to the shift in the structure of GDP growth to a focus on non-petroleum manufacturing industries, as well as transportation and storage. She explained that these efforts are reflected in the current socio-economic development plan, with private investments accounting for more than 50% of total investments in the first half of the current fiscal year.
The Minister emphasized the importance of encouraging Singaporean companies to invest in Egypt, particularly in the fields of manufacturing, agriculture, and technology. Singaporean investments in Egypt are currently concentrated in five strategic sectors, including agriculture, logistics, food industries, information technology, and plastics manufacturing. She emphasized 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, particularly industry and agriculture.
She highlighted Egypt's commitment to transitioning to a green economy by leveraging its natural resources to increase the share of renewable energy and engaging in low-carbon hydrogen production efforts. The two sides also discussed Egypt's efforts to strengthen the legislative and regulatory framework to expand green financing tools for the private sector. In this regard, she highlighted the significant benefit the private sector in Egypt has received from concessional development financing, surpassing the government's last year.
Mr. Kim Yong pointed to the changing global environment and protectionist trade measures that cast a shadow over the future of global trade, which requires the international community to restructure global trade rules to address these challenges. He emphasized Singapore's commitment to advancing cooperation with Egypt in the areas of value chains and digital transformation, and to advancing cooperation with the Suez Canal Economic Zone to exchange expertise and enhance ongoing efforts in the areas of trade and logistics.