Egypt looks into potential Chinese investment prospects for the proposed free zone in Alamein



Egypt looks into potential Chinese investment prospects for the proposed free zone in Alamein

Egypt wants to draw in more investment capital

China will invest in a free zone in New Alamein City, as per a meeting between Ye Dongsong, Chairman of the Hebei Provincial Committee of the Communist Party of China (CPC), and Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI). This is reported by
Daily News Egypt, a partner of TV BRICS.

The goal of the conference on April 22 was to draw investment to the New Alamein City free zone. High-ranking Chinese government representatives, along with Chinese Ambassador to Cairo Liao Liqiang, also attended.

The government is increasing the number of free zones it has established in tandem with investment-attracting initiatives to optimise time and resource utilisation and enable the free zones to open for business as soon as construction is finished. In the context of the Belt and Road Initiative, which seeks to improve trade and economic ties across 60 nations in Asia, Europe, and Africa, the discussion also covered the significance of bolstering Egypt’s and China’s economic relationships.

Heiba underlined the assistance of Chinese businesses doing business in Egypt, which has helped Egypt acquire cutting-edge technologies, creating jobs for thousands of people, boosting exports, and lowering import expenses. He pointed out that the Egyptian government tried to issue a number of Chinese firms the ‘golden licence’, which is a comprehensive licence for all permits, and to form a ministerial committee for the unity of China, chaired by Egyptian Prime Minister Mostafa Madbouly.

In the best interests of both nations, this has increased Chinese investment and expanded the use of Chinese trademarks made in Egypt. Heiba examined the efforts made by the Egyptian government to draw in foreign investment.

Notable initiatives include the start of the establishment of electronic companies, the growth of free-trade zones and industrial zones, the significant surge in the construction of infrastructure and roads, and laws and policies that encourage private sector participation and investment, the most significant of which are the state property document and the national strategy for the automotive industry.

The Chairman of the Hebei Provincial Committee of the CPC expressed his province’s keenness to cooperate with Egypt in various fields, including business development, electric vehicles, building materials and chemical industries.

He also invited the GAFI CEO to visit Hebei province to discuss ways to strengthen economic cooperation between the two sides. The province is located near the capital Beijing and the port of Tianjin, making it economically important.





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