Minister of Finance Mohamed Maait stated that Egypt is opening its doors to Chinese investments, which have increased dramatically over the past 10 years.
In 2017, China became the sixth largest investor in Egypt, as it invested $28.5bn in the Arab region, providing about 24,000 job opportunities.
Maait added that Egypt was the largest beneficiary. There are more than 140 Chinese companies in Egypt, 55% of which focus on industrial projects, 20% on construction, and 12% on services.
The minister also noted that Egypt is the third largest producer of glass fibres in the world in the Suez region for economic and trade cooperation.
In celebrating the inauguration of new Egyptian Chinese Entrepreneurs Association, the minister pointed out that this institution is a new platform for effective and sustainable dialogue between the business communities of the two countries.
The association aims to explore more investment opportunities in areas of national priority, especially in the promising and supportive sectors for the transformation of green economy, including the fields of renewable energy, scientific research, transfer of pharmaceutical industry technology, and industrial technologies, along with development projects to improve the lives of citizens, provide job opportunities, and upgrade the services provided to them.
Furthermore, Maait explained that the government, in cooperation with the Chinese embassy, was keen to establish the Egyptian Chinese Entrepreneurs Association with the aim of creating a platform for continuous communication to discuss ways of fruitful and constructive cooperation.
“We look forward through this platform to work jointly to remove any obstacles that may face efforts to maximise investments in a way that ensures optimal utilisation of the business climate in our country, which has become more attractive to foreign investments,” Maait added.
“We aim to issue bonds in the Chinese yuan (Panda) in the Chinese markets to enhance cooperation between the Egyptian and Chinese sides.”
For his part, Magd Al-Din Al-Manzalawi — Chairperson of the Egyptian Chinese Entrepreneurs Association — said: “We aim to support Egyptian-Chinese relations through this new platform that stimulates economic and investment cooperation in order to achieve common interests, especially in light of the growing strategic partnership between the two countries.”