$20 billion.. volume of investments between Egypt and China over 10 years

The volume of commercial investment between Egypt and China reached more than 20 billion dollars during this period.

The total value of contracts for Chinese projects in Egypt during the period from 2016 to 2022 amounted to approximately $30 billion.

The fields of electric power and railway transportation represent hot spots for cooperation, and outstanding achievements have been made in the fields of communications, storage and industrial production.

The Chinese Petroleum Company, ZPEC, cooperated with the Egyptian government in digging deep wells in Siwa Oasis, and the Chinese Chamber of Commerce in Egypt, in cooperation with the Suez Canal University, held more than one employment forum that contributed to providing 1,300 job opportunities.

• $200 million in taxes and fees

The TEDA Suez Zone for economic cooperation between China and Egypt paid about $200 million in taxes and fees cumulatively, and contributed to providing more than 50,000 job opportunities, indicating that the coming period will witness visits from trade delegations to Egypt.

• Attract more Chinese investment

The Chairman of the Investment Authority pointed out that Egypt looks forward to strengthening cooperation with the Chinese side and attracting more value-added Chinese investments that contribute to creating job opportunities and transferring modern technology.

The General Authority for Investment is keen to provide all means of support for Chinese companies present in Egypt, as well as all Chinese companies that wish to come to invest in Egypt.

This came during his speech at the symposium on Egyptian-Chinese relations organized by the Egyptian Businessmen Association yesterday, in the presence of Liao Lichang, Ambassador of the Republic of China to Egypt, and Ayman Kamel, Assistant Foreign Minister for Asian Affairs.

• Belt and Road Initiative

Liao Lichang, Ambassador of the People's Republic of China in Cairo, stressed the need to enhance cooperation between the Egyptian and Chinese sides in the economic fields and to encourage future investments between the two countries within the framework of the Belt and Road Initiative.

In addition to enhancing trade opportunities, taking into account the outcomes of the first summit between China and the Arab countries, which was held recently in Riyadh

The "Belt and Road" initiative, also known as the "New Belt and Road", is, according to the definition of the United Nations: "a 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."

Suez Canal Economic Zone

Egypt, represented by the Suez Canal Economic Zone, had begun negotiations with Chinese companies, aiming to implement investment projects worth $5 billion.

Ahmed Ezz El-Din, head of the China Committee at the Egyptian Businessmen Association, said that there is a great opportunity after signing an agreement between central banks, through the exchange of the pound and the yuan, which contributes to facilitating and speeding up trade and investment exchange.

The head of the China Committee at the Egyptian Businessmen Association added that China is Egypt's first trading partner in the last 10 years, as the volume of commercial investment has reached more than $20 billion.