MFA Press Statement: Visit of Senior Minister of State for Foreign Affairs and Home Affairs Masagos Zulkifli to attend the Egypt Economic Development Conference, Sharm El- Sheikh, Egypt, 13 to 15 March 2015

Call by Senior Minister of State for Foreign Affairs and Home Affairs Masagos Zulkifli on Prime Minister of Egypt Ibrahim Mahlab. [Photo Credit: MFA]
 

        Senior Minister of State (SMS) for Foreign Affairs and Home Affairs Masagos Zulkifli attended the Egypt Economic Development Conference in Sharm El-Sheikh, Egypt, from 13 to 15 March 2015.  SMS Masagos called on Prime Minister Ibrahim Mahlab, during which they reaffirmed the warm and longstanding relations between Singapore and Egypt and discussed ways to further strengthen ties.  PM Mahlab expressed his appreciation for Singapore’s offer to share our development experience.  SMS Masagos also met Minister of Foreign Affairs Sameh Shoukry, who briefed him on the latest developments in the region, including the threat posed by terrorism.  SMS Masagos had separate meetings as well with Minister of Investment Ashraf Salman, Minister of Supply and Internal Trade Khaled Hanafy, and Suez Canal Authority Chairman Mohab Mamish. Their discussions focused on ways to deepen bilateral cooperation in various sectors, including logistics, trade, supply chain management, and port development.  

         SMS Masagos also delivered a statement at the Conference in support of Egypt’s plans to revitalise its economy, and reiterated Singapore’s readiness to share its development experience with Egypt.  The text of the statement is appended below.

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MINISTRY OF FOREIGN AFFAIRS

SINGAPORE

15 MARCH 2015

Statement by SENIOR MINISTER OF STATE FOR
FOREIGN AFFAIRS AND HOME AFFAIRS MASAGOS ZULKIFLI, at the EGYPT ECONOMIC DEVELOPMENT CONFERENCE, SHARM EL-SHEIKH, 13 MARCH 2015

Your Excellency, Distinguished Guests, Ladies and Gentlemen,

               I was last in Cairo in October 2014 for the International Conference for Palestine and Reconstructing Gaza.  I am pleased to be back again in Egypt to attend this important Conference.  On behalf of the Singapore delegation, I would like to thank President Abdel Fattah Al Sisi and the Egyptian Government for the excellent arrangements and warm reception. 

               Over the past nine months, the Egyptian Government has taken a number of bold measures to restructure the economy and consolidate its fiscal position, including tax reforms and a significant reduction of subsidies.  Notably, the Egyptian Cabinet has also approved an investment law that establishes a “one-stop shop” to make it easier for foreign investors to set up business in Egypt.  These initiatives have been welcomed by foreign investors, particularly those from Asia.  They seek to understand and explore new business opportunities in the region, especially Egypt.  Egypt has tremendous potential due to its strategic location in the Middle East and the size of its domestic market.  The holding of this Conference is therefore timely.  It also presents an opportunity for companies from Singapore to find out more about the developmental objectives and plans of the Egyptian Government so that they can make better informed decisions about their investments here.

               Apart from business interest, I am happy to note that there has been a healthy flow of bilateral cooperation and exchanges between Singapore and Egypt, particularly in the area of capacity-building and human resource development.  We are ready to share our experiences in areas of development, particularly in the development of urban areas.  We also welcome Egyptian officials to take advantage of our enhanced Technical Assistance Package, which covers training in eight different areas, including customised in-country training courses on technical and vocational education.  We also encourage the newly-established Ministry of Technical Education and Teaching to take up the package and we will be delighted to facilitate this. 

               Another potential area of bilateral cooperation is port development.  In this regard, we welcome greater collaboration with the Suez Canal Authority (SCA) and other government agencies on the Suez Canal Regional Development Project (SCRDP).  In December 2014, we hosted a visit by SCA officials to the Port of Singapore Authority.  A delegation from the Ministry of Transport’s General Authority for Land and Dry Ports and the SCA also visited Singapore last week.  Such visits will deepen mutual understanding of the challenges facing our ports and help to facilitate greater cooperation.

               Lastly, I would like to take this opportunity to once again thank the Egyptian Government for inviting Singapore to participate in this Conference.  Egypt is currently at a crossroads in its path of economic reform.  I am confident, like all of you here, that with its strong political leadership and the support of its people, Egypt will be well-positioned for sustainable growth and prosperity. 

               Thank you.

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