Egypt's Investment Minister Discusses Trade, Investment Ties With Singapore's Ambassador
Date
8/20/2024 11:22:31 PM
(MENAFN- Daily News Egypt) Egypt's Minister of investment and Foreign Trade Hassan El-Khatib met with Dominic Goh, Singapore's Ambassador to Cairo, to discuss strengthening economic cooperation between the two countries. The meeting, which also included Prakash Jhanwe, Managing Director of Olam Singapore, and Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), focused on developing trade relations and joint investments.
El-Khatib highlighted the importance of strengthening the strategic partnership between the two nations, emphasising that it would contribute to supporting economic development in both countries. He noted that the meeting reviewed significant economic opportunities and resources available in both countries and explored ways to translate these into tangible cooperative projects that benefit both the Egyptian and Singaporean economies.
“We are committed to providing comprehensive support to Singaporean companies seeking to invest and expand in the Egyptian market,” El-Khatib said.
The Singaporean Ambassador praised Egypt's ongoing economic reforms, which have made the country an attractive environment for foreign direct investment.
Prakash Jhanwe, Managing Director of Olam Singapore, a leading company in the production of dried onions and spices, expressed the company's desire to expand its investments in Egypt. He revealed plans to increase Olam's current investments by approximately $22m, bringing the total to $55m. This expansion aims to capitalise on Egypt's abundant natural resources, skilled labour force, and advanced infrastructure. Jhanwe also commended the substantial support provided by the Egyptian government to foreign investors.
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