14 December 2019 09:24 AM

GAFI probes with Chinese delegation upping Chinese investments in Egypt

Tuesday، 19 November 2019 - 03:51 PM

Acting Head of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab said on Tuesday 19/11/2019 that Egypt and China seek to deepen investment relations and turn Egypt as a gateway for exporting Chinese goods to Africa, especially after President Abdel Fattah El Sisi launched the African Continental Free Trade Agreement (AfcFTA) this year.

Abdel Wahab's statements came during a meeting with delegation from the Chinese Province of Hainan under the vice president of the people's committee at the province's local council.

They reviewed the atmosphere of investments in Egypt and the economic packages the Egyptian government implemented to attract more investments, stressing the importance of making use of the high-level political relations between the leaderships of the two countries to develop investment relations and encourage Chinese companies to invest in Egypt especially in agricultural industrialization and tourism.

He said Chinese investment presence started to grow in Egypt in the past years in the light of the privileges in Egypt and the new investment law to encourage investments especially in the New Administrative Capital and Ein Sukhna.

According to Abdel Wahab, the Chinese investment play a key positive role in supporting Egypt's economy, training laborers, transferring technology and increasing investments.


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