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SINGAPORE : Egypt is eager to court Singapore investors as part of efforts to jump start its fledgling economy. It said Singapore's expertise in financial and infrastructure will greatly benefit the country's economic development.
There is more to Egypt than just the pyramids. That is the message from Egyptian investment minister Mahmoud Mohieldin. He said there are numerous untapped investment opportunities for Singapore businesses.
Investment by Singapore companies into Egypt jumped by 75 per cent in the last four years, mainly in the services industry. But Egypt is hoping to see funds flowing into other sectors to help jump start its fledgling economy.
Mr Mohieldin said: "Sectors that we see we can be doing good business with Singapore are financial services, IT-based industry and services, and logistics."
To further facilitate bilateral trade and investment, a memorandum of understanding was signed between the Singapore Business Federation and General Authority for Investment and Free Zones of Egypt.
It offers support from all levels for Singapore companies investing in Egypt for the first time.
Teng Theng Dar, CEO, Singapore Business Federation (SBF), said: "You need to understand the regulatory requirement to run the business, so what we want to do is with this platform, we'll be able to package these services, not just by SBF but together with local authorities."
For Singapore companies, there has been strong interest in sectors including real estate, oil and gas supporting infrastructure as well as logistics.
Singapore firms with a presence in Egypt include Sembcorp Marine and Neptune Orient Lines.
Singapore's trade with Egypt last year hit S$597.4 million. - CNA/ms
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