Singapore and Egypt agreed to explore a free trade agreement and signed multiple deals to support small businesses, startups and enterprise growth during President Tharman Shanmugaratnam’s state visit to Cairo.
Among the agreements, a key memorandum focuses on digitalizing Egypt’s national MSME platform, providing advisory support for the country’s startup strategy, and building institutional capacity for small businesses. These measures aim to make enterprises more competitive and connected to regional markets.
Singaporean firms already active in Egypt, including PSA-BDP, Pacific International Lines, Olam Food Ingredients and Charles & Keith, demonstrate opportunities for small and medium enterprises (SMEs) to establish a presence there. Officials encouraged Singaporean companies to consider Egypt as a gateway to Africa, the Middle East and Europe, while inviting Egyptian companies to explore Singapore as a springboard into Southeast Asia, a market of 670 million people with a combined GDP exceeding US$4 trillion.
The agreements also include maritime and logistics cooperation, such as creating digital maps of ports, logistics corridors, industrial zones and dry ports, alongside studies to develop West Port Said into a smart port. These initiatives provide opportunities for Singapore SMEs in logistics, digital solutions, and port services.
Singapore has been among the largest Asian investors in Egypt over the past decade, with direct investments totaling around US$530 million. Bilateral service trade reached more than US$1.3 billion in 2023, making Egypt Singapore’s eighth-largest trading partner in Africa.
President Tharman and Egyptian President Abdel Fattah al-Sisi highlighted their countries’ complementary strengths and strategic locations, agreeing to turn the current political momentum into practical projects. Tharman invited Al Sisi to visit Singapore in 2026 to mark 60 years of diplomatic ties.
