Egypt’s Minister of Investment and Foreign Trade, Engineer Hassan El-Khatib said on Tuesday that stimulating investment for export represents one of the main drivers of the country’s monetary, financial, investment, and trade policies in the coming period, noting that there will be coordination with the authorities concerned to achieve the state’s goal of increasing commodity exports.
This came during the minister’s meeting with the Egyptian side of the Egyptian-Chinese Business Council, where ways to enhance investment and trade cooperation between Egypt and the People’s Republic of China were discussed.
The meeting was attended by CEO of the General Authority for Investment and Free Zones Hossam Heiba, Advisor to the President of the Republic for Health Affairs Mohamed Awad Tageldin, Chairman of the Board of Directors of the National Bank of Egypt Hisham Okasha, Chairman of the African Affairs Committee in the House of Representatives Sherif El-Gabaly and Chairman of the Egyptian-Chinese Business Council Ahmed El-Sewedy.
El-Khatib emphasized the importance of deepening investment and trade relations with China as part of the state’s plan to integrate the Egyptian economy into global value chains by facilitating the import of intermediate goods and then exporting final products. He highlighted the benefits of the increased interest from the Chinese business community in transferring various industries to Egypt, due to its many competitive advantages and proximity to major global markets.
Chairman of the Egyptian side of the Egyptian-Chinese Business Council Ahmed El-Sewedy stated that there is an agreement between the ministry and Egyptian industrialists on the importance of attracting Chinese investments to the Egyptian market in the manufacturing and tourism sectors, given their ability to provide sustainable foreign currency resources, along with the increasing Chinese interest in these two sectors.
Tageldin asserted the growing Chinese interest in investment cooperation with Egypt in the fields of medical device manufacturing and drug production.
The attendees agreed to jointly organize promotional visits for Chinese investors wishing to invest in the Egyptian market, introduce them to the investment incentives, and highlight the most attractive areas and projects for investment. They also discussed expanding the establishment of free and investment zones equipped to receive the targeted Chinese investments.
