Egypt and Hong Kong have signed a memorandum of understanding (MoU) to enhance cooperation and exchange information in the field of investments. The MoU was signed by Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), and Jimmy Chiang, Associate Director-General of Invest Hong Kong, on the sidelines of the 8th session of the Belt and Road Summit in Hong Kong.
The MoU aims to facilitate the flow of investments between the two sides and to organize visits for representatives of financial and industrial companies based in Hong Kong to explore investment opportunities in Egypt. The MoU also aims to share experiences and information on the incentive packages granted to projects operating in Egypt.
The signing ceremony was attended by Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, as well as representatives of ministries and trade and investment promotion bodies in East Asia and the Arab region, and companies interested in investing in the Middle East.
Heiba presented the most important measures taken by the Egyptian government to improve the investment environment and attract more foreign direct investments. Among these measures are the inclusion of the service sector in the private free zones system, and the granting of the golden license for new investments and expansions of companies, which is a comprehensive license for all permits required to establish and operate businesses.
Heiba also highlighted the successful cooperation between the Egyptian and Chinese governments, which resulted in many projects developed by the Chinese government within the framework of the Belt and Road Initiative, especially the Economic-Technological Development Area project in the Suez Canal Economic Zone (SCZONE), which is implemented by TEDA.
Heiba called on Chinese companies to continue investing in Egypt, especially in fields such as textile industries, household appliances, automobile components, and petrochemicals.