Sisi, China firms discuss ways to enhance Chinese investment in Egypt

Ahram Online , Friday 31 May 2024

On the sidelines of his visit to China, President Abdel-Fattah El-Sisi held talks with senior officials from Chinese firms on Friday to discuss means to enhance Chinese investments in Egypt.

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Firstly, El-Sisi met with Zheng XueXuan, Chairman of China State Construction Engineering Corp (CSCEC), which has implemented several projects in the New Administrative Capital (NAC), including the NAC’s Central Business District and the Iconic Tower.

During the meeting, the president reviewed the recent developments in the infrastructure sector in Egypt, highlighting the significant opportunities available now for foreign investors to increase their investments in Egypt.

According to a presidential statement, El-Sisi emphasized the Egyptian government's keenness for Chinese companies to capitalize on this development by enhancing their investments in Egypt.

He also expressed the country’s appreciation for CSCEC's efforts in implementing various projects in Egypt.

For his part, XueXuan lauded the significant development in the construction and infrastructure in Egypt and the state's interest in taking full advantage of the Chinese expertise in these areas.

He affirmed the company's commitment to continuing collaboration with Egypt and expanding cooperation into new avenues and projects for the benefit of the two sides, the statement added.

The president also held another meeting with the Chairman of the Board of China Energy Engineering Corp (CIEG), also known as China Energy, and several senior company executives.

Egypt, El-Sisi noted, according to a presidential statement, values the existing cooperation with the corporation and its participation in several major projects in Egypt.

The president also emphasized Egypt's interest in enhancing coordination and cooperation with the company and benefiting from its expertise and capabilities, welcoming the company's willingness to expand its projects in Egypt, especially those related to green hydrogen.

El-Sisi pointed out that Egypt is also keen on localizing industries and technology, providing training for the local workforce, and providing new job opportunities in the Egyptian market.

During the meeting, the two sides discussed new project proposals available for cooperation and ways to advance ongoing joint projects, according to the statement.

For his part, the Chairman of China Energy noted that Egypt is among the largest promising markets in the energy and green hydrogen sectors.

He affirmed the company's commitment to continue providing opportunities for cooperation to serve the interests of both sides.

El-Sisi arrived on Tuesday in Beijing on a visit to China to attend the China-Arab States Cooperation Forum.

Upon his arrival, El-Sisi and Chinese President Xi Jinping announced in a joint statement the launching of the Egypt-China Partnership Year to celebrate the 10th anniversary of the comprehensive strategic partnership initiated in 2014.

According to media reports, China's investments in Egypt in FY 2022/2023 rose to $965 million, up from $563 million in FY 2021/2022 and $485.2 million in FY 2020/2021.

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