On the sidelines of her participation in the 17th edition of the Asian Financial Forum in Hong Kong: The Minister of Planning and Economic Development meets with Hong Kong's Minister of Financial Services and Treasury to discuss Opportunities to strengthen future cooperation

 The Minister of Planning and Economic Development and Chairman of Egypt Sovereign Fund Dr. Hala El-Said met with the Minister of Financial Services and Treasury of Hong Kong Christopher Hui to discuss the opportunities to enhance future cooperation, on the sidelines of her participation in the seventeenth edition of the Asian Financial Forum in Hong Kong themed "Multilateral Cooperation for a Common Tomorrow", with the participation of a large number of public and private sector leaders and representatives of a number of States.

 

During the meeting, Dr. Hala El-Said confirmed the Egyptian Government's desire to strengthen bilateral relations and the mutual exchange of experiences, especially in the areas of economic and sustainable development in light of the importance of Egypt's strategic location that qualifies the country to become a center for the production and export of energy and goods to all countries of the world and under the numerous free trade agreements to which Egypt is a party, Particularly in Africa. In addition, she noted that hosting of the  27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27)which places Egypt at the center of the sustainability agenda, and the achievement of sustainable development goals and sustainability behavior and actions, which are very high priorities in the Egyptian and global agenda. She also pointed out that COP27 witnessed the launch of “A Decent Life for a Climate Resilient Africa” initiative by The `Egyptian Ministry of Planning and Economic Development in cooperation with the United Nations Development Program (UNDP) in light of "Agriculture and Adaptation Day", pointing out that Egypt continues its international efforts to address climate change through active participation during the United Nations Conference on Climate Change (COP28).

 

El-Said reviewed Egypt's reforms over the past years, which include streamlining and facilitating investment procedures, development projects and the State's multiple mega infrastructure projects in the areas of transport and new and renewable energy to build an attractive investment environment, while referring to the role of The Sovereign Fund of Egypt, the investment arm of the Egyptian state, in creating investment opportunities for national and foreign investors along with safeguarding the rights of future generations, the establishment of the National Green Hydrogen and Derivatives Council in August 2023 under the chairmanship of the Prime Minister; The Council was established to ensure the State's regional and international competitiveness and to monitor the implementation of the National Green Hydrogen Strategy and to overcome the obstacles facing green investments, it will also be responsible for reviewing all legislation and regulations relating to green hydrogen and its derivatives.

 

Furthermore, the Egyptian government is focused on attracting investment in several priority sectors, including those involving technology transfer and localization in activities such as health, education, financial transactions, and transportation. In addition to renewable and new energy projects, such as green hydrogen and green fuel projects in general, agricultural projects involving the use of technology and modern irrigation, noting the role of the National Institute for Governance and Sustainable Development (NIGSD) and the National Planning Institute in developing capacity building programs.

 

During the meeting, the Minister of Financial Services and Treasury of Hong Kong reviewed the latest financial development updates in Hong Kong and exchanged views with Dr. El-Said about sustainable development, and green finance.

 

Both parties explored prospects for bilateral cooperation between Egypt and Hong Kong by exploring potential investment opportunities in Egypt at both the government and private sector levels and reviewing projects implemented through the Sovereign Fund of Egypt, the Egyptian State's investment arm, discussing ways to strengthen bilateral relations in the areas of economy, climate, and promotion of investment and infrastructure, along with the possibility of exporting some Egyptian products to Hong Kong.