Egyptian Prime Minister Mostafa Madbouli asserted that Egypt and China agreed on the necessity of upping the Chinese investments in Egypt to be up to the level of historic ties binding the two countries and vast investment potentials in Egypt, noting that comprehensive strategic partnership between the two sides constituted a firm base for pushing forward economic cooperation and joint investments.
This came during the premier’s meeting on Tuesday with Chairman of TEDA Investment Holding Company Qu Defu in the presence of a number of company officials, Egypt’s Ambassador in Beijing Assem Hanafi, Head of the Suez Canal Economic Zone (SCZone) Walid Gamal el-Din on the sidelines of the participation of a high-level Egyptian delegation in the Third Belt and Road Forum for International Cooperation, currently held here.
During the meeting, Madbouli said the TEDA areas in SCZONE represent a successful example of economic cooperation with China as it managed to secure the proper climate for Chinese projects in various industrial sectors, asserting his keenness on pumping more investments to such areas.
He said there are important opportunities for success of the Egyptian-Chinese cooperation as Cairo is seeking to transfer the Chinese industries to Egypt and seize such investment opportunities that would help Egypt upgrade its industrial capabilities, in addition to helping China to access more international markets in light of current global economic challenges, noting that this strategy would be of mutual interest.
Meanwhile, Chairman of TEDA Holding Company voiced happiness over meeting with the Egyptian premier, asserting that TEDA zones are vital and strategic project that is implemented as part of the Belt and Road Initiative and would also be an outstanding platform for cooperation between Egypt and China from one side, as well as Chinese-African cooperation from the other side.
He also noted that TEDA company has a vast expertise in building and upgrading economic zones, asserting that cooperation projects in the industrial and logistics fields would be expanded in light of the current Egyptian support.
The Chinese official also extended thanks to SCZone chief and the Egyptian ambassador over showing much support for joint cooperation despite the current challenges.
The Egyptian premier also reiterated that Egypt was looking forward that TEDA Co. encourages Chinese banks to set up branches for them in the SCZone to contribute to easing financial transactions necessary for implementing current projects.