Egypt looks forward to attracting more Chinese investments

Published: February 24,2023

People attend the China-Egypt Entrepreneur Seminar hosted by the Egyptian Businessmen’s Association in Cairo, Egypt, on Feb. 20, 2023. Egypt looks forward to attracting more investments from China through further improving the investment environment in the most populous Arab country, Egyptian officials and business leaders told a recent seminar held in Cairo. (Xinhua/Sui Xiankai)

Egypt looks forward to attracting more investments from China through further improving the investment environment in the most populous Arab country, Egyptian officials and business leaders told a recent seminar held in the Egyptian capital of Cairo.

The China-Egypt Entrepreneur Seminar, hosted on Monday by the Egyptian Businessmen’s Association, was attended by China’s Ambassador to Cairo Liao Liqiang and about 130 representatives from Chinese and Egyptian enterprises, financial institutions, as well as trade and investment promotion agencies.

The seminar focused on the promotion of Chinese investments in Egypt under the framework of the Belt and Road Initiative (BRI) and the implementation of the outcomes of the first China-Arab States Summit held in Saudi Arabia in December last year.

Speaking at the seminar, Hossam Heiba, the CEO of the General Authority for Investment and Free Zones of Egypt, praised Chinese enterprises’ deep involvement in the Egyptian market, their extensive participation in the construction of projects in various fields in Egypt, and their significant contribution to promoting Egypt’s economic and social development as well as its industrialization process.

Egypt looks forward to further strengthening cooperation with China and attracting more Chinese investments, especially in participating in the construction of key projects which will improve Egyptian people’s livelihood, employment and industrial localization, Heiba said.

“The Egyptian side will further improve the investment environment by revising the investment law, simplifying investment procedures, speeding up the approval process, actively coordinating and solving the difficulties faced by Chinese enterprises investing in Egypt,” he said.

Ayman Kamel, the Egyptian assistant minister of foreign affairs for Asian affairs, said that the political mutual trust between Egypt and China has been continuously consolidated, laying a solid foundation for enhancing practical cooperation in various fields.

“The Egyptian Ministry of Foreign Affairs will continue to play an active coordinating role and provide more support and convenience for the economic, trade and investment cooperation between Egypt and China,” he said.

China’s optimization and adjustment of its epidemic prevention measures provides an important new opportunity for Egypt and China to expand economic, trade and investment cooperation and exchanges, said Magd El-Manzalawi, secretary general of the Egyptian Businessmen’s Association.

“We are looking forward to strengthening exchanges and visits with Chinese enterprises and business associations and looking forward to more Chinese friends investing in Egypt,” he said.

In his keynote speech to the seminar, Ambassador Liao said that China will continue to firmly pursue mutually beneficial and win-win opening-up policies, and promote high-level opening-up and high-quality development of the joint construction of the “Belt and Road,” which provide new opportunities for countries including Egypt.

The Chinese ambassador briefed the participants on China’s current economic situation, noting that the overall situation of epidemic prevention and control in China is stable and improving.

“It is highly likely that China’s economic growth rate will reach a normal level in 2023. The keyword for China’s economic development is stabilization and recovery,” he said.

Reviewing the achievements of the China-Egypt economic and trade cooperation in recent years, Liao emphasized that the core of such cooperation is mutual benefit and win-win results.

The joint BRI construction is highly compatible with Egypt’s 2030 Vision, he said, adding that China will strengthen coordination with Egypt on implementing the nine programs announced at the Forum on China-Africa Cooperation and the eight major cooperation initiatives proposed at the China-Arab States Summit.

Egyptian entrepreneurs are welcome to participate in the 6th China International Import Expo to be held in Shanghai, China in November this year, Liao said. 

Delegates attend the China-Egypt Entrepreneur Seminar in Cairo, Egypt, Feb. 20, 2023. The China-Egypt Entrepreneur Seminar, hosted on Monday by the Egyptian Businessmen’s Association, was attended by China’s Ambassador to Cairo Liao Liqiang and about 130 representatives from Chinese and Egyptian enterprises, financial institutions, as well as trade and investment promotion agencies. (Xinhua/Sui Xiankai)

Delegates attend the China-Egypt Entrepreneur Seminar in Cairo, Egypt, Feb. 20, 2023. The China-Egypt Entrepreneur Seminar, hosted on Monday by the Egyptian Businessmen’s Association, was attended by China’s Ambassador to Cairo Liao Liqiang and about 130 representatives from Chinese and Egyptian enterprises, financial institutions, as well as trade and investment promotion agencies.

Xinhua