Singapore and Egypt have agreed to examine the prospects of a free trade agreement and expand bilateral economic cooperation, Bloomberg reported.

The discussions took place during a visit to Cairo by Singaporean President Tharman Shanmugaratnam, who met Egyptian President Abdel-Fattah El-Sisi and Prime Minister Mostafa Madbouly. The two countries also signed seven memoranda of understanding covering areas including maritime transport, agriculture, health, and capacity building for government officials, according to a statement by Singapore’s Ministry of Foreign Affairs.

Diplomatic relations between the two nations date back to 1966, with a Bilateral Investment Treaty in force since 2002 providing a stable framework for investment. Singaporean companies have increasingly invested in Egypt, particularly in the Suez Canal Economic Zone, focusing on port upgrades and industrial zone development. Firms such as PSA-BDP and Olam have invested over 55 million US dollars, utilizing Singapore’s public-private partnership models.