Singapore helps Egypt set up first industrial city hinh anh 1Egypt’s Minister of Trade and Industry Tarek Kabil (Source: Egypttoday)

Cairo (VNA) – Egypt and Singapore on September 19 signed a memorandum of understanding (MoU) to establish Egypt’s first industrial city in Fayoum governorate.

The project is a large technological valley and an integrated city on an area of 33 million square metres with all the basic services necessary for living, said Egypt’s Minister of Trade and Industry Tarek Kabil.

The project will act as a leap forward for the industrial sector in Egypt as the city will include several industries from medicines, chemicals and textiles to automobiles, he said, adding that the studying phase of the project will take up to eight months, and its implementation will start in a year.

The MoU was signed with the Singapore Holding Company on the sidelines of the Euromoney Egypt Conference in Cairo, Egypt.

The project will be jointly implemented by the Industrial Development Authority (IDA), which is responsible for the designated land area, while Singapore will be in charge of managing the project.

The two-day Euromoney conference discussed Egypt’s growth opportunities and investment potential, gathering about 800 international and Egyptian businesses.

In the last fiscal year that ends in June, 2017, Egypt lured 7.9 billion USD in foreign direct investment (FDI). The figure is expected to reach 10 billion USD in the next fiscal year.-VNA