April 26, 2019
On Friday, President Abdul Fattah al-Sisi met with a group of Chinese business community.
Ambassador Bassam Rady, official spokesman for the presidency, said that the President welcomed the meeting of the heads of representatives of the major Chinese companies. This points to the depth and strength of the strategic relations between Egypt and China, as reflected by the Presidents frequent visits to China and his meetings with President “Xi Jinping”, which contribute to improving the level of cooperation between the two friendly countries.
The President also stressed the country’s keenness to overcome the various obstacles that Chinese companies may face in Egypt in order to enhance economic and trade cooperation, develop joint investments to benefit from opportunities, and increase Chinese investments in Egypt. These investments may be in the form of expanding Chinese companies investing in new projects or New Chinese companies investing in various economic sectors.
The President praised China’s development as a success story and a distinctive economic model, based on maximizing the role of knowledge and technological innovation. He pointed out to seek to benefit from this experience in Egypt through intensifying cooperation with Chinese companies. He explained that the huge projects being implemented in Egypt offer various investment opportunities, primarily the Suez Canal Development Axis which includes the Chinese Industrial Zone, as well as major industrial and logistic areas. The Suez Canal offers promising opportunities for Chinese companies wishing to benefit from Egypt’s strategic location as a center for production and re-export of products to the countries of the world, many of which have free trade agreements, especially those in the Arab region, Africa and Europe.
The President affirmed that Egypt’s development priorities are in line with the “Belt and Road” initiative announced by the Chinese President, aimed at enhancing trade and economic cooperation among the EITI countries, including Egypt. The initiative also aimed to enhance coordination among them to increase attention to projects linking facilities between them, and to apply policies that contribute to increasing trade. Pointing out the role of the Suez Canal as well as the port network, which has been developed and implemented in Egypt, which contribute to strengthening and supporting the initiative of the Belt and Road to facilitate the movement of international trade.
The President stressed that while we welcome the cooperation and enter into partnerships with Chinese companies, it is important to take into account the transfer and resettlement of technology, as well as the financial cost of the various projects and the speed of implementation. This is in light of Egypt’s keenness to accelerate the process of development and catch up with progress.
The meeting witnessed an open dialogue with the Presidents and representatives of Chinese companies who expressed their admiration for the positive changes taking place in Egypt, the activity they observed in the Egyptian market and the keenness of the Egyptian officials to speed up the development process. They also welcomed the intensification of cooperation with Egypt to achieve the common interests. They also reviewed their plans to invest in Egypt or expand their existing projects in many fields.