Singaporean Olam to Raise Investment in Egypt to $55 MlnSource: www.export-egypt.com 8/18/2024, Location: Africa |
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Managing Director of the Singaporean Olam company Prakash Jhanwe declared in a meeting that his company will increase its current investment by $22 million to reach $55 million, taking advantage of the available natural resources, qualified Egyptian labour, and advanced infrastructure.
Jhanwe announced this in his meeting with the Singaporean ambassador in Cairo Dominic Goh in the presence of the CEO of the General Authority for Investment and Free Zones Hossam Heiba and Investment and External Trade Minister Hassan ElKhatib. The meeting focused on developing trade and investment cooperation between the two countries, where Jhanwe praised the great support provided by the Egyptian government to foreign investors. The meeting tackled available economic opportunities in the two countries and ways of turning them into cooperation projects serving the two economies alike. The Singaporean ambassador lauded the radical reforms in Egypt that made it an investment-magnet country. He announced in September 2023 that Singapore's investments in Egypt exceeded $1 billion. Foreign direct investment (FDI) inflows from Singapore to Egypt amounted to $432.8 million, while FDI outflows from Egypt to Singapore amounted to $31 million in 2023, according to the Central Bank of Egypt (CBE). Egypt's exports from Singapore hit $240,432 thousand, while Egypt’s imports to Singapore reached $236,186 thousand in 2023, according to Trade Map. |
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