Egypt is keen on attracting Singaporean investments to the Suez Canal Economic Zone (SCZone), according to the Minister of Investment and International Cooperation, Sahar Nasr.
During her visit to Singapore in an interview with a Singaporean newspaper, Nasr said she hopes more Singaporean investments would flow, especially in the sectors of development and services.
Mohab Mamish, the chairperson of the Suez Canal Authority, who was also present in the visit to Singapore, said that the geographic location of the Suez Canal’s economic zone and the population is a strong attraction element for Singaporean investors, noting that that investors can utilize the area as a launching point of the entire African continent.
“The relatively low cost of investment in Egypt is the result of the presence of a large number of young people. We feel that Egypt and Singapore complete each other,” Nasr said.
Nasr added that Egypt and Singapore have many common factors, with their political leadership having the same goal of enhancing the living conditions of their people and providing jobs as well increasing economic growth.
The Egyptian Ministry of Investment and International Cooperation and the Singaporean Technical Training Institute have both signed a memorandum of understanding (MoU) in order to establish a technical training center in the Suez Canal economic zone. Another MoU was signed between the Singaporean Business Federation and the Federation of Chambers of Commerce.