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SINGAPORE: Egypt is hoping to attract some US$10 billion in foreign investment this year and it is looking to Asia, especially, to fund investments in its ICT, financial services and software sectors.
A government-led team is currently in Singapore to drum up investment.
Egypt is also hoping to improve its economic ties in the region through cooperation agreements.
Recent debt troubles in Dubai and Greece are making a dent on investor confidence in the Middle-east and Europe.
But Egypt said it is optimistic it will be able to attract fund inflows into its economy.
Foreign investment into the Arab republic amounted to just over US$8 billion last year.
This is down by some 40 per cent from 2008 mainly because of the global slowdown.
But Egypt believes it can stem the tide and is targeting to draw some US$10 billion in foreign direct investment this year.
It is already in talks with China's state backed Tianjin Economic Technological Development Area to develop a special economic zone on the Suez canal, focusing on household appliances, consumer goods and textiles and garments.
Egyptian Minister Of Investment Mahmoud Mohieldin, said: “It has a good potential of raising funds at this particular location of no less than US$3 billion within the next three years in addition to the infrastructural development activities.
“Now they are negotiating the financial terms and conditions. We are providing from the government side major infrastructure support for the area."
The minister is leading a team on a business trip in Singapore to explore opportunities for cooperation.
Mr Mahmoud Mohieldin said: “We have meetings with the corporate sector and the financial sector. I'm going to be signing an MOU as well with Lee Kuan Yew school of the NUS for the enhancement of the skills and training of our government officials. There are going to be discussions as well with some of the leading names in the financial sector and transportation sector as well."
To grow its trade and economic ties with other countries in Asia, Egypt is also hoping to sign bilateral trade pacts.
It's looking at a comprehensive economic cooperation agreement with Singapore by 2011 modelled on a similar deal between Singapore and India. - CNA/vm
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