Singapore firm PIL opens Egypt logistics hub

It is operated by Singapore company Pacific International Lines (PIL), which has had a presence in shipping in Egypt for almost half a century, and is now diversifying into logistics warehousing.

The US$10 million (S$14 million) centre, about the size of three football fields, has a temperature-controlled facility that can store goods such as vegetable oil and chocolate at temperatures as low as 5 deg C.

It is a model for Singapore companies venturing to Egypt, said Minister of State for Trade and Industry Koh Poh Koon, who opened the facility yesterday with Egyptian Minister of Investment Dalia Khorshid.

Dr Koh, who is accompanying President Tony Tan Keng Yam on his state visit to Egypt this week, said he was heartened to see Singapore companies exploring opportunities in emerging markets.

"PIL has demonstrated that it is a firm believer in Egypt's growth potential, and a committed partner in working together to make the most of the potential," he said.

"With this positive example, the enhanced investment laws and Egypt's concerted effort to create a more efficient and business- friendly environment, I am confident that more Singapore companies will consider Egypt as a good investment destination," added Dr Koh.