15 November 2018 11:19 PM

Economic Relations

Monday، 31 August 2015 12:00 AM

The two sides sought to promote their economic relations, in order for them to keep pace with the political relations, and in a way that corresponded to their aspirations and potentials. An important step to that end was the visit by the Egyptian minister of trade and industry to Singapore in January 2010 in order to pursue the ongoing negotiations on the CECA. Other endeavors included visits by the minister of investment to Singapore to explore potentials of setting up joint ventures between businessmen from the two countries, the latest was in March 2010 to attend “Egypt Day2” that witnessed the participation of many Egyptian businessmen, as well as the visit by the minister for communication and information technology in March 2010 to promote relations between the two countries in fields of common interest, in addition to various visits by technical delegation to promote cooperation in such fields as: environment, irrigation, public administration, telecommunications, e-government, trade and investment, tourism and culture.

It is thus a fact that the bilateral relations between Egypt and Singapore are full of promising opportunities for progressive development in various fields. And in order to draw maximum benefit from such opportunities, a comprehensive creative strategy should be formulated to that end, a strategy that comprises schemes and plans that translate into sustainable action and achievements that serve as bases for evermore flourishing bilateral relations in the years to come.

The year 2006 has also witnessed enhancing trade and business links among the business communities in both countries. This was materialized by the three visits conducted by the Singapore Business Federation (SBF) to Egypt in February, March and November 2006. The SBF delegations comprising more than 20 Singaporean companies and businessmen from various sectors of industries in Singapore met with their counterparts from the Egyptian Businessmen Association (EBA), to discuss ways to enhance business and trade relations. During their stay in Egypt, SBF also held meetings with the Egyptian Ministers of Trade and Industry, Petroleum, Investment, and Transportation.

Similar visits by EBA and the General Authority for Free Zones and Investment (GAFI) to Singapore in 2005 created awareness on the investment climate in Egypt.

The momentum continued on both sides in 2006 with the SBF visits to Egypt, and the participation of four Egyptian agencies (GAFI, ITIDA, Egyptian Industrial Authority, (IDA), Egyptian Tourism Board) in the GLOBAL ENTREPOLIS@ SINGAPORE 2006, which is held every year in October in Singapore. The GLOBAL ENTREPOLIS@ SINGAPORE is a prime international networking event in Asia and the world, with annual participants of around 14000 from 160 countries, from the national and multinational companies and businesses from all over the globe.

The Ambassador of Egypt to Singapore as well as Officials from GAFI, ITIDA and IDA had delivered presentations on the “Investment opportunities in Egypt” in the “Middle East Business Opportunities Conference” organized within the GLOBAL ENTREPOLIS@ SINGAPORE 2006. This was an important venue to show the global audience the important steps taken by the Egyptian government in the path of reform and the potential investment opportunities in Egypt.

The volume of trade between Egypt and Singapore in 2014 reached 671 billion dollars. 

Contractual Framework

Agreement

Date of Signature

Date of Entry into Force
Remarks
1- Trade Agreement
30/5/1968
18/1/1969
 
2- Civil Aviation Agreement
7/5/1980
15/7/1986
Renewed in 1991
3- Agreement on the Avoidance of Double Taxation
22/5/1996
17/1/2004
 
4- Agreement on the Promotion and Protection of Investment
15/4/1997
15/4/1997
 
5- Declaration of Intent on the Commencement of Negotiations of the CECA.
2006
2006
 
6- MoU on Economic Cooperation between the Egyptian Ministry of Trade and Supply and the Singaporean Ministry of Trade and Industry
17/4/1997
17/4/1997
 
7- Agreement on Economic and Technical Cooperation
2004
 
 
8- Agreement on Cultural Cooperation
2008
 
 
9- Civil Aviation Services Agreement
2009
2009
 

 

Other MoU's:

• MoU between the Egyptian Ministry of State for Administrative Development and the Singapore Infocomm Technology Federation on E-government.
• MoU between the Government of the Arab Republic of Egypt and the Government of the Republic of Singapore on Cultural Cooperation.
• MoU between the Egyptian Authority for Civil Aviation and the Singaporean Authority for Civil Aviation on Cooperation in Civil Aviation Services.
• MoU on Cooperation between the Egyptian General Authority for Investment and the Singapore Business Federation.
• MoU between the Egyptian IT Industry Development Agency and Singapore Infocomm Technology Federation on the exchange of technical visits and training programs.
• MoU between the Egyptian IT Industry Development Agency and Singapore Infocomm Technology Federation on the exchange of technical visits and training programs and cooperation in networks security and e-government.
• MoU between the Egyptian Ministry of Trade and the Singapore Economic Development Board on Cooperation in Trade.
• MoU between the Government of the Arab Republic of Egypt and the Government of the Republic of Singapore on Economic, Trade and Investment Cooperation.
• MoU between the Government of the Arab Republic of Egypt and the Port of Singapore Authority.
• MoU between the Egyptian Information Technology Sector and Singapore Infocomm Technology Federation on Cooperation and Exchange of Expertise.
• MoU between the Egyptian Ministry of Investment and LKY School of Public Policy
• Declaration of Intent on Cooperation between the Egyptian and Singaporean Post Authorities.
 

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