By Mahmoud Fouly, Yao Bing
This photo taken on Sept. 11, 2023 shows the construction site of Central Business District (CBD) project in the new administrative capital, east of Cairo, Egypt. Located in a desert some 50 kilometers east of the Egyptian capital Cairo, the CBD constructed by China State Construction Engineering Corporation (CSCEC) covers an area of about 505,000 square meters and is home to dozens of commercial and residential buildings as well as supporting infrastructure. One of the most eye-catching buildings is the CSCEC-built 385.8-meter-tall Iconic Tower, which will become the highest skyscraper in Africa when it is completed. (Xinhua/Ahmed Gomaa)
Egypt is stepping up efforts to attract more Chinese investment in key industrial and technology sectors, building on the country’s dynamic economic partnerships with China, Investment and Foreign Trade Minister Hassan El-Khatib said in a recent interview with Xinhua.
El-Khatib said Egypt and China share a “strategic and historic partnership,” noting that China has become one of Egypt’s most significant development partners. He highlighted Chinese involvement in major national projects, including the Central Business District in the new administrative capital and the high-speed electric rail network.
He said last week’s China-Egypt Investment Forum in Cairo served as a key platform for linking the two countries’ private sectors and identifying new investment opportunities. He also pointed to the China-Egypt TEDA Suez Economic and Trade Cooperation Zone as “a successful model” of bilateral economic cooperation.
The minister said Egypt’s Vision 2030 strategy aligns closely with the China-proposed Belt and Road Initiative, particularly in areas such as regional integration, industrial connectivity, and cross-border trade, reinforcing long-term cooperation.
Despite global economic headwinds, Egypt has made “significant progress” over the past decade, El-Khatibsaid, citing new urban developments, expanded road and port networks, and large investments in renewable energy, power, and water infrastructure.
He said Egypt aims to boost its competitiveness through greater stability, transparency, and digital transformation, along with streamlined procedures and increased private-sector involvement.
El-Khatib said Egypt offers investors strategic advantages, including a location bridging three continents, a young and cost-competitive workforce, and access to more than 70 global markets through an extensive network of trade agreements.
He said Egypt is particularly keen to attract more Chinese investment in priority sectors such as labor-intensive industries, automotive manufacturing and components, batteries, engineering industries, and renewable energy. To support this, Egypt has created a dedicated China unit within the General Authority for Investment and Free Zones to assist Chinese companies operating or expanding in the country.
El-Khatib said Egypt-China relations have evolved into a “comprehensive partnership” grounded in decades of trust. With the 70th anniversary of diplomatic ties approaching, he said Egypt looks forward to deepening cooperation.
“Egypt is your home. Come and invest in Egypt. We offer a very attractive investment environment,” he said, adding that Egypt should serve as “a major connector and a bridge between China and the rest of the world” under the Belt and Road framework.
Xinhua
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