China to Invest $5 Bn in Egypt

Business

February 21st, 8:24am

Cairo - Asharq Al-Awsat

Officials touring the Chinese projects in Egypt (Suez Canal Economic Zone)

Egypt's Suez Canal Economic Zone is in negotiations with Chinese companies to implement investment projects worth $5 billion, according to an official statement from the Suez Canal Authority. The deputy chairman of the southern part of the Zone, Walid Youssef, visited the Chinese industrial zone TEDA in Ain Sukhna on the Red Sea coast. Youssef met with several directors of Chinese companies operating in the region to follow up on developments in implementing investment projects. The meeting discussed some Chinese projects to be implemented through the ongoing negotiations with TEDA-Egypt. In a press release, the Suez Canal Economic Zone indicated that Chinese companies intended to implement industrial projects in Egypt for the first time, with total investments of $5 billion, providing at least 5,000 direct and indirect jobs. The meeting discussed cooperation during the coming period and mechanisms for attracting more Chinese investments to the region, especially after the expansions and new production lines. The meeting addressed some outstanding issues and problems facing investors in light of global and political changes affecting global supply chains. According to the statement, the official affirmed that the administration is determined to attract the largest possible amount of investments in the industrial sectors to meet the needs of local and regional markets. For his part, Vice Minister and Deputy Chairman for Investment Ibrahim Abdelkhalek described the trade and economic relations between Egypt and China as "strong," referring to efforts to attract more Chinese investments in the region as part of the Belt and Road Initiative (BRI). The UN determines the Belt and Road Initiative as a global development strategy adopted by the Chinese government, which includes infrastructure development and investments in 152 countries and international organizations in Europe, Asia, the Middle East, Latin America, and Africa. The meeting discussed requests for new projects from developers and investors for approval under the Authority's regulations. The Zone announced that during the coming period, the largest Chinese factory to manufacture electrical appliances would begin operations and exportation to global markets.

from Asharq AL-awsat https://english.aawsat.com/home/article/4170826/china-invest-5-bn-egypt