SBF inks MOU with Egyptian investment body to spur bilateral business exchanges and trade links.
Singapore, Thursday, 14 August 2008 - The Singapore Business Federation (SBF) today inked a Memorandum of Understanding (MOU) with the General Authority for Investment and Free Zones (GAFI) Egypt at a seminar on Investment Climate and Business Opportunities in Egypt that it organised. The MOU will drive information and business exchanges between SBF and GAFI, aimed at promoting bilateral trade and investments between companies from both sides.
The MOU, signed by Mr Teng Theng Dar, CEO of the Singapore Business Federation and Ms Nevine El Shafee, Vice Chairman of GAFI, was witnessed by H. E. Dr. Mahmoud Mohieldin, Egyptian Minister of Investment, H.E. Mohamed Elzorkany, Ambassador of the Arab Republic of Egypt to Singapore and Mr. Zainul Abidin Rasheed, Senior Minister of State, Ministry of Foreign Affairs, Singapore. Also in attendance were some 100 local businessmen from diversified industries representing the engineering, food and beverage and info-technology sectors there to attend the afore-said seminar.
H. E. Dr. Mahmoud was here on an official visit together with a 35-strong business delegation comprising 22 high-level government officials from various economic agencies, including the General Authority for Investment and Free Zones (GAFI) and COMESA (Common Market for Eastern and Southern Africa) and 13 heads of prominent Egyptian companies.
Commenting on the MOU, Mr Teng Theng Dar, Chief Executive Officer, SBF remarked that “The collaboration with GAFI enables the SBF to provide Singapore companies with crucial, high level linkages to support their trade and investment activities in Egypt”. "Singapore companies need to understand the regulatory requirements to succeed in Egypt; this MOU brings together the combined efforts of the federation and the Egyptian authorities to facilitate clarity and ease the regulatory processes for business from both sides”, he added.
The Business Opportunities Seminar
The seminar itself provided participants with a comprehensive overview of the latest economic developments, emerging industries and market dynamics in Egypt. Speakers from the Egyptian delegation and Neptune Orient Lines (NOL) Group – a Singapore company which has successfully ventured into Egypt, provided expert advice on key concerns and issues pertaining to the business environment in Egypt. The business networking lunch that followed provided a platform for businessmen from both communities to meet, establish useful contacts and explore potential business opportunities.
Mr Teng Theng Dar, Chief Executive Officer, SBF remarked that Singapore Business Federation’s engagement efforts with Egypt have so far garnered encouraging response. “We now see Singapore businesses actively pursuing opportunities in construction and real estate, oil and gas supporting infrastructure, environmental engineering, transport and logistics, financial services and the info-comm technology sectors in Egypt. General trading and investment opportunities abound as well”, he said.
“With Egypt aggressively embarking on plans to develop key sectors like ICT, logistics, infrastructure and tourism, Singapore is well poised to extend its partnership in the development of the services industry besides trade”, he added.
“The NOL Group has enjoyed almost two decades of growth in Egypt. The country’s strategic geographic position, business-friendly environment and infrastructure development plans have created an environment for us to expand our presence. We look forward to helping our customers embrace the many business opportunities this exciting country has to offer,” said Jim McAdam, President Asia-Middle East, NOL Group and one of the speakers at the seminar.
SBF, as the apex business chamber, has been proactively assisting Singapore companies to venture overseas to seek opportunities in new and promising markets. The emerging markets in the Middle East have been a key focus of SBF. In the first half of 2008, SBF organised 3 well-received seminars/roundtable sessions and led 2 business missions to the Middle East region covering Qatar, United Arab Emirates and Libya.
Singapore Business Federation remains committed to playing a pivotal role in facilitating Singapore companies’ market development efforts into the emerging Middle East region. More business-to-business exchanges will be organized by the Singapore Business Federation to drive further collaboration between business communities in Singapore and the Middle East.
ANNEX 1
Supplementary Information:
SBF's activities on Egypt
- Egypt Singapore Business Forum (21 Apr 2005)
- SBF Business Mission to Egypt (25 Feb – 3 Mar 2006)
- Global Enterpolis Singapore: Middle East – Asia Business Exchange - Egypt Business Conference (31 Oct 2006)
- SBF Business Mission to Egypt and Jordan (14 Nov - 22 Nov 2006)
- Dialogue Session with H.E Fayza Aboulnaga, Egyptian Minister of International Cooperation (5 Arp 2007)
- GES – MENA Seminar: Focus on Egypt (14 Nov 2007)
- Dialogue Session with Chairman of Egypt’s General Authority for Investment and Free Zones (15 Jan 2008)
Singapore companies in Egypt
The following are some of the Singaporean companies with successful business ventures in Egypt:
Sembcorp Marine
Sembcorp Marine’s unit, PPL Shipyard won a contract to build a $220 million jack-up rig for the Egyptian Drilling Company in July 2008.
This is the second rig that PPL is building for the oil firma and is a joint venture between the Egyptian General Petroleum Corp and Denmark's AP Moeller Maersk. The rig is scheduled for delivery in mid-2010, while the first rig which is still under construction, is due for delivery in December 2009.
Charles & Keith
Charles & Keith is an upscale ladies fashion retailer specialising in leather shoes, bags and accessories.
They started their first outlet in Egypt in 2005 and currently have 8 stores in Egypt. They plan open up to 20 stores within the next five years.
Bilateral Trade
- Egypt was Singapore's 63rd trading partner in 2007 with a total trade of S$597.40 million.
- Exports to Egypt increased from $463 million in 2006 to $497 million in 2007, slightly over 7.40%. This represented close to 83% of the total trade in 2007.
- Imports from Egypt decreased from $133 million in 2006 to $100 million in 2007 representing approximately 25% decrease over 2006.
- Total trade in 2007 amounted to $597 million, a slight increase of 0.1% from 2006 ($596 million).
Singapore's Trade with Egypt (Value in S$ Thousand)
| |
2005 |
2006 |
2007 |
| Total Trade |
730,993 |
596,805 |
597,432 |
| Total Imports |
477,618 |
133,585 |
100,073 |
| Total Exports |
253,375 |
463,220 |
497,359 |
About Singapore Business Federation (SBF)
For media queries please contact:
Gerald De Cotta, Tel: 6827 6896
Rachael Fong, Tel: 6827 6874
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