MINISTER OF TRADE DISCUSSES INVESTMENT OPPORTUNITIES WITH CHINESE COMPANIES
HAWTAI IS CONSIDERING INJECTING INVESTMENTS WORTH $1BN IN PROJECTS FOR MANUFACTURING CARS AND COMPONENTS
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.