This came during Madbouly’s meeting with the Singaporean
President, who is visiting Egypt and had earlier met with President Abdel
Fattah El-Sisi. The meeting was attended by Ahmed Moustafa, Egypt’s Ambassador
to Singapore, and Dominic Goh, Singapore’s Ambassador to Egypt.
Madbouly praised Singapore’s remarkable developmental,
economic, and social achievements, describing it as a model of progress and
emphasizing Egypt’s keenness to benefit from its experience. He expressed hopes
to expand bilateral trade and tourism, as well as to attract investments in
strategic sectors such as water desalination, an area in which Singapore has
made major advances.
The Prime Minister also highlighted the growing volume of
Singaporean investments in Egypt in recent years, noting the favorable
conditions created by Egypt’s infrastructure development and
investment-friendly legislation. He stressed that the current circumstances are
ideal for taking bilateral cooperation to new levels in both investment and
trade. He also welcomed the holding of a bilateral business forum during the
visit.
For his part, President Shanmugaratnam said Egypt has
promising untapped potential and that now is the right time to strengthen
economic cooperation. He praised Egypt’s stability and clear policies, calling
for stronger collaboration between the relevant authorities in both countries
to boost trade. He also pointed to opportunities in port management, an area
where Singapore enjoys extensive expertise, and underlined the importance of
private sector engagement, including a planned visit to the Suez Canal Economic
Zone.
Madbouly, in turn, reviewed Egypt’s efforts to develop the
Suez Canal Economic Zone, highlighting incentives offered to investors, the
modernization of port infrastructure, and plans to attract companies with
expertise in port operations. He also noted government efforts to involve the
private sector in the management and operation of Egyptian airports in
partnership with the International Finance Corporation, which serves as a
strategic advisor.
At the conclusion of the meeting, President Shanmugaratnam
commended the Egyptian government’s economic reform program and its cooperation
with international financial institutions.