Egypt, Singapore to set up industrial park in SCZone

CAIRO – 29 August 2017: Egypt is looking forward to establishing an industrial park in the Suez Canal Economic Zone (SCZone) with Singapore, Minister of Investment and International Cooperation Sahar Nasr said Monday, August 28.

Egypt is keen on attracting Singaporean investors, especially in the urban development, utilities, maritime and food-processing sectors, stressing that Singapore has significant expertise in urban development, Nasr added in an interview with The Straits Times.
Last week, the Minister paid a visit to Singapore to improve the business environment, attract more foreign investors and promote the SCZone.

"The two countries have a lot in common, and leaders have the shared objective of boosting prosperity... (we are) aligned in terms of wanting to improve standards of living, create job opportunities and boost economic growth,” Nasr told the Straits Times.

The Chairman of the SCZone Mohab Mamish said that the zone can be used as a “springboard to the rest of Africa.”

Egypt intends to build an integrated development project in the SCZone, including an industrial zone, a housing area and a tourism area with Singaporean expertise, the Straits Times reported.

The Minister noted that the cost of doing business is relatively low in Egypt because of the young population.

The visit saw the signing of a memorandum of understanding (MoU) between the Singapore Business Federation and the Federation of Egyptian Chambers of Commerce.

Moreover, the Investment Ministry and Singapore's Institute of Technical Education agreed to collaborate to establish a training facility in the SCZone.

The Egyptian delegation met water and energy firm Hyflux and port operator PSA Corp to discuss the next steps for memorandums of understanding that had been signed previously, the Straits Times said.