Egypt’s Prime Minister Mostafa Madbouli held a meeting on Monday to follow up on new projects in the Chinese industrial zone TEDA Misr, an affiliate of the Suez Canal Economic Zone (SCZone).
Petroleum and Mineral Resources Minister Tarek el-Molla, Environment Minister Yasmine Fouad and SCZone chairman Walid Gamaluddin attended the meeting.
The Prime Minister said the government pays great attention to Chinese investments in the SCZone while Chinese companies can benefit from the investment incentives granted by Egypt and earn large market shares through entities and trading blocs that have free trade agreements with Egypt.
SCZone chief Gamaluddin reviewed the various areas of interest for Chinese companies within the Chinese industrial zone “TEDA-Egypt”, including the manufacturing of solar panels.
Home to more than 130 companies, industrial and service facilities, the TEDA-Egypt zone has attracted investments of more than 1.6 billion dollars, according to Gamaluddin.
The Prime Minister ordered the study of requests by Chinese firms and their needs of raw materials and energy, so that it is possible to move forward in strengthening the partnership with the Chinese side.
In another meeting, the Prime Minister said that the National Investment Forum is scheduled to convene in the first half of 2024, a step which affirms the state’s commitment to implementing its economic reform programme and enhance the role of the private sector in economic activities along with putting into effect the State Ownership Policy Document.
Dr Madbouli made the remarks during a meeting with the higher ministerial committee overseeing the arrangements for convening the National Investment Forum.
Madbouli said the decision to organise the forum was taken by the Supreme Council for Investments chaired by President Abdel Fattah El Sisi in its first meeting after its restructuring.
Attending the Madbouli-chaired committee meeting were Electricity Minister Mohamed Shaker, Oil Minister Tarek El Molla, Planning and Economic Development Minister Hala El Saeed, International Co-operation Minister Rania al-Mashaat, Finance Minister Mohamed Maait and SCZone chairman Gamaluddin.
Other matters of relevance that were tabled for consideration during the committee meeting included the modalities for enhancing green economy, localizing industry and promoting entrepreneurship, according Cabinet spokesman Nader Saad.
