INTERVIEW: Chinese investors eye Egypt’s investment opportunities: President of Egyptian-Chinese Entrepreneurs Association

Doaa A.Moneim , Monday 28 Nov 2022

Education, renewables, logistics, and electric car manufacturing are the top investment areas for Chinese businessmen eyeing the Egyptian market, especially in the Suez Canal Economic Zone, the President of the Egyptian-Chinese Entrepreneurs Association (ECEA) Omar Wang told Ahram Online.

Omar Wang
President of the Egyptian-Chinese Entrepreneurs Association (ECEA) Omar Wang

 

Wang made his comments during an interview with Ahram Online on the sidelines of the launch ceremony for the ECEA held on Sunday at the New Administrative Capital.

Wang said that the Chinese government is currently in talks with the Egyptian government to raise the activity of the Chinese side in the Egyptian-Chinese University in Egypt.

“Because of the COVID-19 pandemic and its related restrictions in China, it has been hard for Chinese businessmen to travel to Cairo. But, by beginning of 2023 there will be a flow of Chinese investors to Egypt to explore its investment opportunities,” Wang told Ahram Online.

In this respect, Wang explained that Chinese businessmen find that the Public-Private Partnership (PPP) is the best model to follow for their business in the Egyptian market. Both sides benefit from Egyptian knowledge of the local market, while the Chinese businessmen provide the liquidity, the know-how, the production lines and the field experience.

“It is a win-win business [model],” Wang told Ahram Online.

Amid the ongoing economic challenges caused by the war in Ukraine, the ECEA aims to ease Chinese investment in Egypt by smoothing out the procedures for securing licenses for their businesses and complying with regulations and rules.

He also stressed that ECEA also aims to boost the economic and diplomatic relations between Egypt and China, in addition to increasing the trade exchange between the two countries.

Trade exchange between Egypt and China rose by 37.3 percent in 2021 compared to 2020, reaching $19.97 billion, according to the Chinese National General Authority of Customs.

Responding to a question on how the ECEA will support the Silk Road initiative and whether it will benefit Egypt, Wang explained that this initiative is a cornerstone for the association. A large number of Chinese investors are expected to enter the Egyptian market as they sees Egypt has a strategic location with access to African, European and Asian markets, he added.

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