Bilateral Trade Boost: Egypt, Singapore To Enhance Economic Ties

Egypt and Singapore on Saturday committed to enhancing their bilateral trade and investment ties. This agreement came to light during a meeting between Egyptian Foreign Minister Sameh Shoukry and his Singaporean counterpart Vivian Balakrishnan. Shoukry outlined Egypt’s dedication to maximizing the benefits for Singaporean enterprises within Egypt, highlighting numerous investment opportunities.

Balakrishnan echoed this sentiment, expressing Singapore’s eagerness to expand trade exchanges and investments in Egypt. He emphasized the potential for cooperation in renewable energy, agriculture, and tourism sectors. The establishment of a joint business council was also discussed, aiming to foster cooperation between private sector entities from both countries.

Moreover, the ministers deliberated on key regional and international matters, including the ongoing conflict in the Gaza Strip and the Red Sea crisis, emphasizing the significance of securing a permanent cease-fire and ensuring the safe passage through crucial maritime routes like the Suez Canal. Balakrishnan stressed the canal’s paramount importance for Singapore, citing it as “the ideal means of transporting his country’s trade to Europe.”