Minister, Tianjin Discuss China's Investments in SEZ

Minister of Investment, Dr. Mahmoud Mohieldin, met with Ren Xuefeng, deputy-mayor of the Chinese Tianjin Municipality in the presence of GAFI chairman, Osama Saleh and the North-West Suez Gulf Economic Zone (SEZ) chairman, Ahmed Amin.

Dr. Mohieldin pointed to the big developments in Egypt-China economic relations, particularly in the field of investment. China's investments in Egypt have climbed remarkably in the past five years.

China contributed to 953 companies in Egypt until the end of September 2009. Of these companies, 826 were established in the past five years, which account for 85% of the total amount of Chinese companies in Egypt. Minister Mohieldin said SEZ was a successful model for economic cooperation between Cairo and Beijing. "SEZ will be a model for other economic zones China will establish elsewhere in Africa."

The minister presented the key investment opportunities in Upper Egypt, particularly around the Upper Egypt-Red Sea Road and expected opportunities in the fields of industry, tourism and agricultural processing. In this context, Dr. Mohieldin reviewed the government's Upper Egypt development plans, which included an infrastructural network project, a project to get Upper Egypt linked to the Red Sea ports.

Another project aims at developing the Red Sea ports, particularly in Safaga. The development of ports will contribute to facilitating trade movement between Egypt and Asian countries like China and Arab countries, according to the minister.

It would also drive more Chinese investments, especially toward the SEZ, in light of developing the Ain Sukhna Port, somewhere close to the SEZ. Xuefeng said his municipality has been pushing Chinese companies to invest in the SEZ, a point of concern for the Chinese government.

The Chinese official said the Chinese TEDA Co. has large experiences in the field of economic and industrial zones development.