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There are also the beauti- its consultant, which will develop
ful beaches on the Red Sea in a 33 sq km integrated economic
Hurghada and Sharm El Sheikh city in the prime location of
and other coastal cities on the Kom Oshim close to Cairo, that
Red Sea. would include factories, schools,
This is what we are trying to housing, hospitals, a vocational
promote and include visits to the training center etc.
beach resorts in the itinerary, in This is going to be a very huge
addition to the usual itinerary project by a Singaporean com-
of visiting the pyramids and the pany in Egypt. The industries
museum in Cairo, doing the Nile housed here would be very
Cruise between Luxor and As- attractive for investors and it
wan, which includes visiting all would help Egypt in providing
the pharaonic sites, temples and job opportunities for people in
monuments along the way. the region with limited incomes.

Our records indicate that more How is the workforce in
tourists visited Egypt in 2017
compared to 2016, and right Ambassador Mohamed Abulkheir with Singapore’s Senior Minister of State for Defence and Foreign Egypt? How easy is it for
until June 2018, we are seeing Affairs, Dr Mohamad Maliki Osman
increases in the requests for foreigners to get a work

investors or the State. The formation of this new pass and source a talented work force?
tourist and business visas, which is a very good method of arbitration avoids rulings that were Around 70% of Egypt’s population of 100
of concern to investors. The Center is managed million are between the ages of 15 and 64. The
indication of the growth. by a board of five directors appointed by the median age in Egypt s 24.8 years, which reflects

There have been some policy changes Prime Minister every five years. the high percentage of a young population.
towards making it easier for investors to Egypt has a competitive, low cost and talented
enter and work in Egypt, would you brief Since you started your tenure in work force. Most of them speak English,
us on these changes? Singapore, there have been several high which is taught as a second language in public
A New Investment Law came into effect in May level visits, could you brief our readers? schools. Moreover, many films and series
2017 (Law No 72/2017) to govern the four types Amongst the high level visits to Singapore shown on Egyptian television are American,
of domestic and foreign investments, which are: from Egypt I would like to mention the visit of and are subtitled in Arabic, which makes the
inland investments, investment zones, tech- Her Excellency Dr. Sahar Nasr , the Minister language easy to pick up. This makes the Egyp-
nological zones and the free zones. It provides of Investment and International Co-operation tian workforce easy to train for the needs of
more incentives and guarantees to investors, who came here with Admiral Mohab Mamish, different industries. As for foreigners, it should
that would make them benefit more from the Chairman of Suez Canal Authority and Chair- not be a problem to get a work
100 million consumers in Egypt. man of the General Authority of Suez Canal pass in Egypt if it falls within the
Economic Zone, in August last year. It was a necessary regulations.

The general benefits for all investment projects, very successful visit. Dr. Sahar Nasr signed a Who are the big Singapore companies
(except for those set up in free zones and those Letter of Intent with ITE (Institute of Technical already in Egypt and do you see scope for
issued a certificate by the Authority’s Chief Education) to cooperate on setting up a training SMEs to enter?
Executive Office), companies are exempt from facility in the SC Zone, talks have been followed Prominent Singaporean companies are suc-
stamp duty tax and notary public fees on reg- up on talks with PSA on operating a berth in cessfully doing business in Egypt. Olam started
istration, documentation and loan agreements. East Port Said Port, which is at the northern doing business there years ago, and is currently
Projects are also exempt from land registration entrance of the Suez Canal. expanding its business of producing and ex-
fees, and can enjoy a unified flat customs duty They also had discussions with Singaporean of- porting dried vegetables and onions. It is now
rate of 2% on all machines and equipment ficials, namely Senior Minister of State for Trade in consultations with the Egyptian government
needed for establishing the project. and Industry Koh Poh Koon, and gave presenta- to acquire more land to cultivate and dry the
The law also provides special incentives of 50% tions at the Egypt/Singapore Business Forum onions.

deduction on the investment costs of projects organized by the Singapore Business Federation BW Gas, a Norwegian-Singaporean company,
set up in underdeveloped geographic locations, (SBF) on attracting Singaporean investments to provides one of the two floating gas platforms
and a 30% deduction on investment costs for Egypt, in light of the new incentives provided to meet Egypt’s domestic gas needs; Pacific
projects which are labor-intensive, small and by the new Investment Law and the Free Zone International Lines (PIL), opened a sizable lo-
medium enterprises, renewable energy, national of the Suez Canal Economic Zone. There is a gistics facility in Egypt in 2016, and is planning
and strategic projects, tourism projects, electric- special article in this magazine on the visit, so I to expand its presence; Meinhardt is expanding
ity generation and distribution, projects that do not want to dwell on it in this interview.
export their production, automotive projects, its regional office in Cairo to serve as a regional
resource center for its projects in the Middle
certain chemical industries, certain pharmaceu- I would also like to highlight the visit of the East; SSA is implementing its Joe Academy
tical industries, food and agricultural projects, former Trade and Industry Minister Tarek program in the field of education and entrepre-
and engineering, textile and leather industries. Kabil to Singapore in February 2018. In addi- neurship, and is working on expanding its pres-
tion to holding fruitful discussions with Senior ence in Egypt. Discussions are underway with
Finally, the new law allows for arbitration either Minister of State for Trade and Industry Koh PSA in the fields of port management in the
through the traditional method or through the Poh Koon, and the site visits to Singaporean Suez Canal Economic Zone (East Port Said),
newly created “Egyptian Center for Arbitration economic entities, he also discussed the contract and other Egyptian ports including the port of
and Mediation”, an independent entity based in between the Egyptian Industrial Development Alexandria. Other Singaporean companies are
Cairo. This center can be approached by inves- Authority (IDA) and SECC Group, a Singapor- looking more towards Egypt, especially in light
tors to settle disputes between them and other ean Holding company, with Surbana Jurong as of the positive economic prospects for Egypt.

6 INSIDE Egypt 2018