Egypt, Singapore trade exchange hit $220M in 2017

Egypt's newly-appointed Trade Minister Amr Nassar - CCCAIRO – 8 August 2018: Trade Exchange between Egypt and Singapore recorded $220 million during 2017, according to Minister of Industry and Foreign Trade Amr Nassar.This came during Nassar's meeting with Ambassador of Singapore to Cairo Premjith Sadasivan to discuss ways to enhance economic cooperation between the two countries and Singapore's current and future investment projects in the Egyptian market.Nassar and Sadasivan also discussed the possibilities of increasing trade rates between the two countries in general and Egyptian exports to Singapore in particular.Nassar pointed out that the most important items of Egyptian exports to Singapore last year included chemical products, fertilizers, agricultural crops and food industries, while the main items of imports included engineering, and electronic goods and building materials.The minister said that there are huge investment opportunities for the Singaporean business community in the Egyptian market in the industrial, agricultural and service fields.He also noted that there are a number of successful investment projects in the Egyptian market in the fields of agriculture, logistics, food products and water desalination.Nassar referred to the importance of expanding the volume of trade exchangebetween the two sides, especially that the current rates do not reflectthe distinguished bilateral relations between the two countries or the enormous potential of the Egyptian and Singaporean economies.He revealed that the meeting also discussed the importance of establishing Nassarnotedto the possibility of benefiting from the Egyptian commercial offices spread in a large number of capitals and major African cities and also benefiting from trade, free and preferential agreements signed with a large number of the African countries.Egypt is involved in international trade deals that came into action in the recent period.The Mercosur Agreement, which is a free-trade agreement signed by Egypt and Mercosur countries in 2010, includes immediate customs clearance for 63 percent of the exports of Brazil, Argentina, Uruguay and Paraguay to Egypt.The Mercosur trade deal covers food, cars, auto parts and industrial supplies; it was signed by Egypt and Mercosur members in 2010, but only came into force in 2017.Another trade agreement that Egypt is involved in is the deal with the Common Market for Eastern and Southern Africa (COMESA), which represents a free trade area with 19 member states stretching from Libya to Swaziland. COMESA was formed in December 1994, replacing a Preferential Trade Area, which had existed since 1981.The African Continental Free Trade Area is another agreement to ease the trade exchange between countries that have signed it, according to a scheduled timeline and not through an immediate activation of the agreement.The African Continental Free Trade Area is considered to be the biggest deal ever signed since the World Trade Organization was established; it was signed by 43 countries.“Egypt is keen to benefit from the Singaporean industrial expertise through the transfer of advanced industrial technologies to the Egyptian industry,” the minister said, calling on the Singaporean companies to exploit the opportunities available in the various investment sectors and benefit from the incentives provided by the Egyptian government in these sectors.For his part, Sadasivan stressed his country's keenness to enhance joint economic cooperation with Egypt during the coming period.He mentioned the possibility of benefiting of Singapore’s great expertise in the field of integrated industrial cities, saying it has established eight industrial cities, including four industrial cities in China, and two cities in each of Vietnam and Indonesia.

Source:Libya Today

August 08, 2018 09:45 UTC

IFC invests $1.23B in Egypt during 2017/18, plans additional $1B

FILE - IFC Country Manager in Egypt, Libya and YemenCAIRO – 8 August 2018: International Finance Corporation (IFC) invested and mobilized around $1.2 billion in Egypt during 2017/18 and an additional $1 billion will be injected in 14 project during the current FY, IFC’s Country Manager in Egypt, Libya and Yemen Walid Labadi told Business Today Magazine.Labadi affirmed in an interview with the sister magazine of Egypt Today, that IFC sees great opportunities in infrastructure projects in Egypt, renewable energy, especially in the wind sector.He flagged agribusiness, manufacturing, services and tourism as top priority fields.Labadi also revealed that his institution injected and mobilized above $1.2 billion in high-profile investments in pioneering projects in Egypt in FY2017/18, including a landmark investment of $653 million in building 13 solar power plants in Upper Egypt’s Benban solar complex that will be the largest solar installation in the world and will provide 752 megawatts of cost-effective and eco-friendly electricity to 350,000 residents.For the current fiscal year, IFC is planning to pump around $1 billion in about the same number of projects like last year (about 15), Labadi discloses, who was part of IFC’s teams that financed power plants in Turkey and Egypt along with airports in Jordan, Tunisia, and Jamaica. He has also participated in and oil and gas investments in Egypt and Africa.He further stated that economic reform needs to continue and private sector involvement needs to increase for Egypt to stay on the right track.In April, the IFC announced its support to Egypt’s private sector by nearly $1 billion, affirming its commitment to boosting the Egyptian economy which came as a result of the strong economic reform measures implemented by the Egyptian government.Meanwhile, IFC’s investments to support Egypt’s private sector recorded around $1 billion during 2017/2018, aiming to boost the Egyptian economy.

Source:Libya Today

August 08, 2018 09:33 UTC

FM Shoukry meets with US national security adviser, John Bolton

Egyptian Foreign Minister Sameh Shoukry meets with US National Security Adviser John Bolton - Press photoCAIRO – 7 August 2018: Minister of Foreign Affairs Sameh Shoukry met on Tuesday with US National Security Adviser John Bolton at their first ever meeting since the US official assumed his post.Shoukry, currently visiting the US, said he is looking forward to working with Bolton to boost Cairo-Washington relations in a way that reflects how special and strategic they are, Foreign Ministry Spokesman Ahmed Abu Zeid said in a statement.He underscored the importance of continuing efforts that aims to achieve mutual interests of the two countries.Shoukry also presented a comprehensive review about the developments of conditions in Egypt, asserting the importance of the US support to Cairo in light of the current challenges besetting the Arab region.The Egyptian top diplomat also called for holding the upcoming round of strategic dialogue and the 2+2 dialogue meetings between the two countries' ministers of foreign affairs and defense with the aim of discussing means to foster bilateral ties and exchanging views about regional and international issues of mutual concern.As for the US aid program to Egypt, Shoukry said it reflects the importance of Cairo-Washington historic relations, achieves mutual interests, enhances Egypt's capability of combating security challenges and maintains peace and security in the region.Meanwhile, Bolton said the US administration wants to keep the strategic nature of relations with Cairo and believes that Egypt is playing a pivotal role in maintaining stability and balance in the Middle East.The US official was briefed by Shoukry on Egypt's anti-terrorism efforts, particularly with regard to the success achieved by the Comprehensive Operation Sinai 2018.He was also keen to know Egypt's vision and assessment of the conditions and developments in the Middle East, especially in Libya, Syria, Yemen and Palestine.In this regard, the two sides discussed ways to overcome the deadlock reached in the Palestinian-Israeli peace process.Shoukry met as well with heads of several US companies investing or willing to invest in Egypt, topped by ExxonMobil, Honeywell and Cargill.During a business lunch organized by the US Chamber of Commerce, Shoukry reviewed Egypt's economic reform program and efforts exerted by the Egyptian government to improve the economic sector and attract more investments into the country, spokesman for the Foreign Ministry Ahmed Abu Zeid said.They also discussed means of increasing the volume of trade exchange between the two countries in a manner that serves the interests of the Egyptian and American peoples.The strategic partnership between Egypt and the US requires that both countries strengthen mutual cooperation in all fields, not only in the oil sector, Shoukry noted.The top Egyptian diplomat briefed the US investors on how the new investment law paves the way for businessmen to invest in Egypt.The Egyptian government gives priority to the health and educational sectors, making it necessary to improve skills and capabilities of Egypt's manpower, he pointed out.Shoukry further called on the US investors to do business in the SCZone and make use of the incentives offered by the Egyptian government there, noting that the Suez Canal Axis project will turn Egypt into a regional and international commercial hub.The US businessmen, meanwhile, praised the mega projects established in Egypt over the past period.

Source:Libya Today

August 07, 2018 21:00 UTC

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