SBF and IE Singapore lead third business mission to Egypt in conjunction with President Tony Tan’s state visit
- Delegation comprises 23 representatives from 16 companies and government organisations
- MOUs to be signed between SSA Consulting Group and Foundation for the Future of Entrepreneurship in Egypt
31 October 2016 [Singapore] - The Singapore Business Federation (SBF) and International Enterprise (IE) Singapore will jointly lead a business delegation to Cairo and Suez City from 30 October to 4 November 2016, in conjunction with President Tony Tan’s state visit to Egypt. This visit follows closely after the visit of Egypt President Abdel Fattah el-Sisi to Singapore last August, emphasising the bilateral relationship between both countries.
The delegation comprises 23 senior representatives from 16 companies and government organisations from sectors including agri-commodities, urban planning and consultancy, engineering, heavy machinery, port management, maritime, education and general trading.
Led by Mr SS Teo, Chairman of SBF, the mission aims to obtain first-hand understanding of the market dynamics and emerging sectors in Egypt under the leadership of President el-Sisi. The delegation will also meet and network with government officials and representatives of prominent businesses from companies such as ECG Engineering Consultants Group, Talaat Moustafa Group and Orascom Group to explore partnership opportunities.
A key highlight of the business mission will be the Egypt-Singapore Business Forum organised by SBF in partnership with Egyptian Businessmen Association (EBA), Asia Egypt Business Association (AEBA) and General Authority for Investment and Free Zones (GAFI) on 1 November. Minister of State for Trade and Industry Dr Koh Poh Koon and Minister of International Cooperation of the Arab Republic of Egypt, H.E. Dr. Sahar Nasr, will grace the event.
The Forum will see the signing of Memoranda of Understanding (MoU) between SSA Consulting Group Pte Ltd and their Egyptian counterpart, Egypt Foundation for the Future of Entrepreneurship. The mission will include a site visit to the new Suez Canal economic zone project for delegates to assess the developments and prevailing business opportunities. The large-scale expansion project of the canal would increase the daily transiting vessels to 97 ships (from 49 ships at present) and is expected to increase revenue for Egypt from US$5.3 billion US$13.3 billion by the year 20231.
Dr Koh Poh Koon, Minister of State for Trade and Industry, said “Internationalisation is an important growth strategy for our businesses. Singapore companies must venture beyond traditional markets to seize opportunities in new and emerging economies. Egypt’s large and young population presents a growing market with opportunities, and it is evident from the SBF business delegation that there is interest in a diverse range of sectors. We look forward to strengthening bilateral economic ties, starting with our businesses collaborating on opportunities of mutual interest.”
Commenting on the mission, Mr Teo said “This being SBF’s third business delegation to Egypt, we are encouraged to see the start of several mega projects under the leadership of President el-Sisi. The Suez Canal Development project was one of those that was introduced to the Singapore business community and attracted the interests of Singapore companies in freezone development and management, port development, shipping and logistics, as well as engineering and construction.”
Egypt currently enjoys enhanced political and economic stability, with its total FDI increased from US$3.8 billion to US$6.4 billion from 2013/2015. With a population size of 90 million, Egypt offers Singapore businesses opportunities in many sectors from consumer related business to infrastructure projects such as the Suez Canal Development Project, renewable energy, logistics and transportation, real estate and construction, healthcare and agri-business.
Mr Lee Ark Boon, Chief Executive Officer of IE Singapore, said “Being the second largest economy in the Middle East and Africa region, Egypt offers opportunities in urban solutions, skills training, consumer goods and transport and logistics. As a key transport and logistics corridor, it is also a good export base for the region.”
Egypt has a GDP of over US$330.8 billion2 and is ranked second among Singapore’s trading partners in Africa, with bilateral trade of S$679.1 million in 2015. Singapore’s annual imports from Egypt totalled S$221.4 million, while its annual export to Egypt amounted to S$457.6 million last year.
Singapore’s main exports to Egypt are machinery parts, nitrated derivatives, aircraft and spacecraft launch vehicles, while its main imports are naphtha, refined petroleum products and machinery parts.
1 Source: General Authority for Investment and Free Zones (GAFI)
2 Source: World Bank