The General Authority for Investment and Free Zones announced that Chinese companies in Egypt have been able to achieve tangible progress and great results in direct investment, production and employment.
There are roughly 2,066 Chinese companies with investments in Egypt estimated at about eight billion dollars in various sectors, it said.
Egypt has succeeded in becoming the largest African country in attracting foreign investments, the Authority added
Despite the repercussions of the Russian-Ukrainian war, the volume of annual investments amounted to $10 billion, and Egypt came in second place in the Arab world in attracting investors – the volume of foreign direct investments last fiscal year amounted to US$46 billion.
The Executive Vice President of the Authority, Yasser Abbas, said during his meeting with the Egyptian Businessmen Association and members of the delegation from the Chinese city of Linyi, that Egypt is one of the most important stations for the Chinese President’s “Belt and Road” initiative.
He added that the strategic partnership agreement and the strong relations between the Egyptian and Chinese leaders are all factors that contribute to strengthening trade and investment relations.
Abbas explained that the Authority has taken serious and effective steps towards a stimulating environment for foreign investment and applying the principle of governance and good management by establishing investor service centers and granting golden licenses to projects in strategic and national sectors, providing services electronically, and launching an interactive platform for investment opportunities.
The Executive Director of the Egyptian Businessmen Association, Mohamed Youssef, said that the Association is taking advantage of the Egypt-China Economic and Trade Cooperation Forum to hold bilateral meetings and discuss opening new horizons for partnership.
Edited translation from Al-Masry Al-Youm
