The meeting serves to follow up on the outcomes of Singaporean President Tharman Shanmugaratnam's visit to Egypt last September, during which he met with President Abdel Fattah El-Sisi. The visit also included the President's participation in the Egyptian-Singaporean Business Forum and field tours to explore investment opportunities in Egypt.
The Head of the Egyptian Commercial Service explained that
the volume of trade exchange between Egypt and Singapore during 2024 reached
approximately $360 million. This figure comprised $93 million in Egyptian
exports, which he noted as low compared to the export potential of Egyptian
companies, and $276 million in imports from Singapore. Furthermore, Singaporean
investments in Egypt totaled around $132 million, channeled through 140
companies investing in the Egyptian market and operating across various
sectors.
Al-Sherif stressed that current efforts are focused on
attracting Singaporean investments into sectors prioritized by Egypt, where
Singaporean companies hold a competitive advantage. These sectors include water
desalination and treatment, pharmaceutical industries, new and renewable energy,
textiles, information and communication technology (ICT), ports management and
logistics, and connectors and semiconductors.
The meeting was also attended by Commercial Plenipotentiary Sayed Fouad (Director of Asian and Oceanian Affairs at the ECS), Commercial Plenipotentiary Alaa El-Bialy (Director of Investment Promotion), and Commercial Counselor Ahmed Seif El-Nasr.