Egypt’s Minister of Trade and Industry Tarek Kabil (Source: Egypttoday)
Cairo (VNA) – Egypt andSingapore on September 19 signed a memorandum of understanding (MoU) toestablish Egypt’s first industrial city in Fayoum governorate.
The project is a large technological valleyand an integrated city on an area of 33 million square metres with all thebasic services necessary for living, said Egypt’s Minister of Trade andIndustry Tarek Kabil.
The project will act as a leap forward for theindustrial sector in Egypt as the city will include several industries frommedicines, chemicals and textiles to automobiles, he said, adding that thestudying phase of the project will take up to eight months, and itsimplementation will start in a year.
The MoU was signed with the Singapore HoldingCompany on the sidelines of the Euromoney Egypt Conference in Cairo, Egypt.
The project will be jointly implemented by theIndustrial Development Authority (IDA), which is responsible for the designatedland area, while Singapore will be in charge of managing the project.
The two-day Euromoney conference discussedEgypt’s growth opportunities and investment potential, gathering about 800international and Egyptian businesses.
In the last fiscal year that ends in June,2017, Egypt lured 7.9 billion USD in foreign direct investment (FDI). Thefigure is expected to reach 10 billion USD in the next fiscal year.-VNA
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Egypt’s Minister of Trade and Industry Tarek Kabil (Source: Egypttoday) 
