140 companies serving Egyptians.. What is China doing in Egypt?

Egypt opened its doors to Chinese investments, making Beijing one of the largest investors in Egypt, as Egypt is the third largest producer of glass fibers in the world in the Suez region for economic and trade cooperation.

Egyptian Finance Minister Mohamed Maait says that Chinese investments have increased dramatically over the past ten years. In 2017, China became the sixth largest investor in Egypt.

During the launch of the "Egyptian-Chinese Businessmen" Foundation, the Minister of Finance said that Beijing invested $28.5 billion in the Arab region and provided about 24,000 job opportunities, of which Egypt was the largest beneficiary.

Mohamed Maait added, "There are more than 140 Chinese companies in Egypt, 55% of which focus on industrial projects, 20% on construction, and 12% on services."

 Mohamed Maait explained that China and Egypt are focusing on cooperation in strategic industries such as artificial intelligence, space technology, and e-commerce.

The Minister of Finance stressed the importance of the pivotal role played by the Suez Canal Economic Zone in promoting China's "Belt and Road" initiative, especially through the Egyptian-Chinese zone for economic and trade cooperation. In a way that contributes to maximizing efforts to employ the strategic location of the Suez Canal axis; As a logistical and economic center.

The Minister of Finance said, “We aim to issue bonds in the Chinese yuan (Panda) in the Chinese markets. In order to enhance joint cooperation between the Egyptian and Chinese sides.

For his part, Amr Moussa, Chairman of the Honorary Board of Trustees of the “Egyptian-Chinese Businessmen” Foundation, confirmed that the business climate in Egypt has become a stimulus for foreign investors, and that cooperation between China and Egypt extends for more than 60 years.

He pointed out the necessity of directing Chinese investments to the development of the Suez Canal axis, which enjoys a strategic location at the heart of the "Belt and Road" initiative, in a way that contributes to the establishment of joint industries and the export of products to the African market.

Majd Al-Din Al-Manzalawi, Chairman of the Board of Trustees, said that we aim to support joint Egyptian-Chinese relations through this new platform that stimulates economic and investment cooperation. In order to achieve common interests, especially in light of the growing strategic partnership between the two friendly countries.

The Egyptian government had encouraged the establishment of the Foundation in cooperation with the Chinese Embassy in Egypt, and the Ministry of Social Solidarity approved the establishment of the Foundation as an international social entity with a legal identity.