Egypt Committed to Supporting Chinese CompaniesSource: www.export-egypt.com 10/26/2024, Location: Africa |
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Executive Vice Officer of the General Authority for Investment and Free Zones (GAFI) Yasser Abbas affirmed commitment to providing full support to Chinese companies, opening new strategic partnership opportunities to achieve their goals in Egypt.
Egypt represents a key hub for the Chinese Belt and Road Initiative, Abbas said during his meeting with a delegation from the Egyptian Businessmen's Association and a high-level delegation from Linyi City, China. The meeting was part of the Egypt-China Economic and Trade Cooperation Conference, organized in partnership with the House of Wisdom Cultural Industries Group. The strategic partnership agreement and strong relations between the Egyptian and Chinese leaders contribute significantly to enhancing trade and investment ties, Abbas said. GAFI has taken serious and effective steps toward creating a foreign investment-friendly environment by applying governance and sound management principles, establishing investor service centers, granting "Golden Licenses" for projects in strategic and national sectors, providing services online, launching an interactive platform for investment opportunities, and creating a unit for resolving investor issues under the Prime Minister’s office, he told the delegation. He also pointed out that Chinese companies in Egypt have made tangible progress in direct investment, production, and employment. This success has been possible due to the comprehensive development seen in Egypt under President Abdel Fattah El Sisi and the trade agreements with various countries, he added. Currently, about 2,066 Chinese companies operate in Egypt, with investments totaling around $8 billion across diverse sectors such as textiles, clothing, home appliances, and animal feed, Abbas revealed. During the meeting, Chairman of the China Committee of the Egyptian Businessmen’s Association Ahmed Ezz Eldin stressed the importance of the Belt and Road Initiative in creating added value for shared economic growth. The Chinese delegation head highlighted Egypt's strong ties with his country, noting that Linyi ranks 19th economically among Chinese cities, with a focus on sectors such as construction materials, agricultural machinery, biomedicine, and logistics. He emphasized significant opportunities for cooperation with Egypt in various industries and for hosting exhibitions and investments in over six million products. |
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