MIN­IS­TER OF TRADE DIS­CUSSES IN­VEST­MENT OP­POR­TU­NI­TIES WITH CHI­NESE COM­PA­NIES

HAWTAI IS CON­SID­ER­ING IN­JECT­ING IN­VEST­MENTS WORTH $1BN IN PROJECTS FOR MAN­U­FAC­TUR­ING CARS AND COM­PO­NENTS

The Daily News Egypt - - Front Page -

Cairo will host the third meet­ing of the Egypt-China Joint Com­mit­tee to in­crease production ca­pac­ity and re­view the sta­tus of pri­or­ity projects.The num­ber of the projects in the fields of energy, trans­port, and in­dus­try is 18.

This came dur­ing ex­ten­sive dis­cus­sions held by the Min­is­ter ofTrade and In­dus­try Tarek Ka­bil with the deputy di­rec­tor of the Chi­nese Na­tional De­vel­op­ment and Re­form Com­mis­sion,Ning Jizhe,in which they dis­cussed the sta­tus of joint in­vest­ments be­tween the two coun­tries.

Ka­bil said that Egypt has made progress on the path of the eco­nomic re­form, which con­trib­uted to im­prov­ing the busi­ness cli­mate and en­vi­ron­ment in the coun­try.

Ka­bil stressed that this is the right time to in­crease Chi­nese in­vest­ments in Egypt, es­pe­cially un­der the One Belt One Road ini­tia­tive for which China is in­ject­ing $150bn in the coun­tries along the old Silk Road.

Jizhe said that Egypt is one of the most piv­otal and friendly coun­tries to China in the Mid­dle East and NorthAfrica re­gion. He pointed out that Egypt’s unique po­si­tion makes it one of the main pil­lars of the ini­tia­tive in light of the co­op­er­a­tion be­tween the two coun­tries dur­ing the next phase.

He said that China’s in­dus­trial zone north­west of the Gulf of Suez rep­re­sents one of the ten Chi­nese in­dus­trial zones on theAfrican con­ti­nent.He em­pha­sised that it is the best among all re­gions due to its ge­o­graph­i­cal lo­ca­tion as well as the avail­abil­ity of mech­a­nisms for ac­cess­ing many mar­kets in dif­fer­ent coun­tries, through the sys­tem of trade agree­ments signed be­tween Egypt and many mar­kets and in­ter­na­tional blocs.

Ka­bil held a se­ries of in­ten­sive meet­ings with a num­ber of ma­jor com­pa­nies in the field of car man­u­fac­tur­ing, feeder in­dus­tries,and sports shoes at the head­quar­ters of the Egyp­tian Trade Of­fice in Bei­jing, where he also met with Jef­frey Zhang, man­ager of Hawtai Mo­tors, a com­pany op­er­at­ing in the au­to­mo­tive in­dus­try and pro­duc­ing car com­po­nents. The com­pany pre­sented the projects in­tended to be im­ple­mented in the Egyp­tian mar­ket dur­ing the next phase.

The com­pany ex­pressed its de­sire to in­vest in Egypt by in­ject­ing roughly $1bn in car production and its feeder in­dus­tries to ben­e­fit from Egypt’s lo­ca­tion that eas­ily reaches many ex­port mar­kets, mainly the African mar­ket.

Ka­bil pointed out that they agreed with the com­pany to visit Egypt soon to pre­pare a com­pre­hen­sive study about the projects that they in­tend to es­tab­lish, whether in the Suez Canal Eco­nomic Zone or in any other re­gion.

Ka­bil also met with Stephen Wang, vice pres­i­dent of JAC Mo­tors, and with rep­re­sen­ta­tives of the Chi­nese com­pany PEAK Sport Egypt that pro­duces sportive clothes and shoes.

The Min­is­ter of Trade and In­dus­try, Tarek Ka­bil

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