The business climate in Egypt has become more attractive to foreign capital
During the launch of the “Egyptian-Chinese Business People” Foundation.
Minister of Finance… during the launch of the “Egyptian-Chinese Businessmen” Foundation in the capital:
- Egypt opens doors to Chinese investments in strategic industries
- The Egyptian economy is promising and capable of growing and creating good investment opportunities
- A new platform for effective and sustainable dialogue between the Egyptian and Chinese business communities
- Researching more investment opportunities in areas of national priority to achieve development goals
- Strengthening cooperation in promising sectors that support the transformation of the green economy
- Transfer of pharmaceutical industry technology, industrial technologies and development projects to improve the lives of citizens
- The important key role of the Suez Canal Economic Zone in promoting China’s “Belt and Road” initiative
- Working together to remove all obstacles facing efforts to maximize investment between the two countries
- By the end of June 2022, we managed to achieve a primary surplus of 1.3 percent and reduce the total deficit to 6.1 percent, and the debt to 87.2 percent.
- Our financial policies support growth, increasing investment in infrastructure and the human element
- The document on state ownership policy aims to maximize efforts to strengthen the role of the private sector in the development process
Amr Moussa, President of the Honorary Board of Trustees of the “Egyptian-Chinese Businessmen” Foundation:
- Expansion of investments in artificial intelligence and technological and environmentally friendly industries
Majd Al-Din Al-Manzalawi, Chairman of the Executive Board of Trustees of the “Egyptian-Chinese Businessmen” Foundation:
- Our goal is to support joint Egyptian-Chinese relations and encourage economic and investment cooperation
dr. Mohamed Maait, the Minister of Finance, confirmed that Egypt is opening its doors to Chinese investments, which have grown dramatically in the last ten years. In 2017, China became the sixth largest investor in Egypt, as it invested 28.5 billion dollars in the Arab region, providing about 24,000 jobs, of which Egypt was the largest beneficiary, and there are more than 140 Chinese companies in Egypt, and 55% of them focuses on industrial projects, 20% on construction and 12% on services, and Egypt is the third largest producer of glass fibers in the world in the Suez region for economic and trade cooperation, explaining that the two friendly countries are focused on cooperation in strategic industries such as which are artificial intelligence, space technology and e-commerce.
The minister added, during the launch of the Egyptian-Chinese Businessmen’s Foundation in the new administrative capital, whose executive board of trustees is chaired by Majd Al-Din Al-Manzalawi, that this institution is a new platform for effective and sustainable dialogue between the business communities of the two friendly countries, aimed at exploration of more investment opportunities in areas of national priority, close connection with the achievement of development goals; Especially in the promising and supporting sectors for the transformation of the green economy, including the fields of renewable energy, scientific research activities, the transfer of pharmaceutical industry technology and industrial technology, in addition to development projects to improve the lives of citizens, provide employment opportunities, and upgrade the services provided to them, on manner in accordance with the presidential directives for the localization of advanced technology in numerous economic sectors, emphasizing the importance of the key role played by the Suez Canal Economic Zone in promoting China’s “Belt and Road” initiative. , especially through the Egyptian-Chinese zone of economic and trade cooperation. In a way that contributes to maximizing efforts to exploit the strategic location of the Suez Canal axis; as a logistic and economic center.
The Minister explained that the Government, in cooperation with the Chinese Embassy, wanted to establish a Foundation of Egyptian-Chinese business people, with the aim of creating a platform for continuous communication in order to discuss ways of fruitful and constructive cooperation. In line with the increasing desire of both sides to deepen the relationship of strategic partnership and to continue building bridges of economic, trade and cultural cooperation between Egypt and China, we look forward through this platform to work together to remove any obstacles that may face efforts to maximize investments, in a way to optimally use the business climate in our country, which has become more attractive to foreign capital; Aware of the good reputation enjoyed by Chinese companies operating in Egypt.
The minister indicated that our goal is to issue bonds in Chinese yuan (Panda) on the Chinese markets. Improve joint cooperation between the Egyptian and Chinese sides.
The minister added that the Egyptian economy is a promising economy, capable of growth, creating good investment opportunities, and has the ability to withstand and flexibly deal with the current global challenges in which the consequences of the Corona pandemic are intertwined with sharp negative effects. war in Europe, including a sharp inflationary wave, which was reflected in the growth of food and fuel prices at unprecedented rates, which represents a huge pressure on the budgets of various countries, in light of the high financing costs, explaining that the Egyptian economy managed to grow in the last fiscal year by 6, 6% of GDP, 3.6% and 3%.,3% during the Corona period, and a primary surplus of 1.3% of GDP was recorded, and the overall budget deficit was reduced during the fiscal year 2021/2022, to 6.1% of GDP, compared to 6.8% in fiscal year 2020/2021, and the debt ratio fell to 87.2% of GDP by the end of June 2022, down from 103% in June 2016. Through digital transformation, we managed to expand the tax base and strengthen efforts to integrate the informal economy into the formal one.
The minister said that our fiscal policies support growth because they are designed to effectively contribute to strengthening economic activity by increasing capital spending by increasing investment in infrastructure and the human element, taking into account the proper implementation of all structural and economic reforms.
The minister said that the Egyptian government is currently working to increase efforts to strengthen the role of the private sector and private investment in the development process, including the document on state ownership policy, which defines the state policy regarding the exit or maintenance of a state role in economic activity in accordance with internationally applied standards . This is to allow the private sector more space to increase its contributions to economic activity and stimulate growth.
The minister referred to Egypt’s success in hosting the climate conference “COP27”, which aimed to transfer international obligations to the right implementation part with the help of mechanisms for the transition to a green economy, and the state’s efforts also, in this context, to integrate the environmental dimension in various areas , in line with Egypt’s Vision 2030, and encourage the private sector to invest in infrastructure projects, especially in the clean energy and water treatment sectors.
Amr Moussa, President of the Honorary Board of Trustees of the “Egyptian-Chinese Businessmen” Foundation, pointed out that the business climate in Egypt has become an incentive for foreign investors, and that cooperation between China and Egypt has lasted for more than 60 years, stressing the need to direct Chinese investments into the development of the Suez axis channel, which has a strategic position at the center of the “Belt and Road” initiative, in such a way as to contribute to the establishment of joint industries and the export of products. to the African market.
He added that the Egyptian-Chinese Businessmen’s Foundation will be interested in the development of economic relations between the two countries, with a focus on expanding investments in the sectors of artificial intelligence and technological and environmentally friendly industries.
Majd Al-Din Al-Manzalawi, Chairman of the Executive Committee of the “Egyptian-Chinese Businessmen” Foundation, said that we aim to support joint Egyptian-Chinese relations through this new platform that promotes economic and investment cooperation. In order to achieve common interests, especially in the light of the increasingly strong strategic partnership between the two friendly countries.