Hong Kong’s InvestHK selects Egypt as North Africa representative office's headquarters

Ahram Online , Wednesday 7 Feb 2024

Hong Kong government's foreign direct investment agency InvestHK has chosen Egypt to be the headquarters of its new representative office for North Africa and some Arab countries, according to Alpha Lau, the agency’s general director.

Hong Kong s InvestHK

 

Lau disclosed the information during a meeting with the Consul-General of Egypt in Hong Kong Baher Sheweikhi, according to a statement by the Egyptian Ministry of Foreign Affairs.

In the meeting, Lau said the agency has already launched a tender to choose the office that will represent them in Egypt, according to a statement by the Egyptian foreign ministry on Wednesday.

InvestHk has invited Cairo-based companies with experience in investment promotion, economic development, and international business development to submit offers to host their representative office in Egypt, according to Lau.

“The step is the culmination of the growing relations between Egypt and Hong Kong and reflects an appreciation for the influential and effective role that Egypt plays within the framework of the Belt and Road Initiative,” the statement quoted Sheweikhi as saying.

He added that the step also proves the strength, solidity, and diversity of the Egyptian economy.

Egypt has set an ambitious plan to secure $100 billion in direct foreign investments between 2024 and 2030.

It also seeks to increase the private sector's contribution to the economy from 60 percent to 90 percent during this period.

In September 2023, Egypt and Hong Kong’s InvestHK signed a memorandum of understanding to enhance inward and outward investment in both nations.

​In late January, Egypt announced plans to issue bonds denominated in the local currency (Hong Kong dollar) on the Hong Kong Stock Exchange.

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