Minister of Planning, Economic Development and International Cooperation Meets Representatives of Chinese Business Community and Investors on Sidelines WEF Meetings in Tianjin

Al-Mashat:

We are working to solidify the stability of the Egyptian economy despite surrounding regional and international tensions.

The government has implemented successive measures to improve the business environment and investment climate and encourage local and foreign investments.

 

Our relations with China have witnessed a boom since the signing of the Strategic Partnership Agreement in 2014 in terms of private sector investments and development cooperation.

 

We invite the Chinese business community to leverage the competitive advantages of the Egyptian economy and increase its investments across various sectors.

 

 

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held an expanded meeting with a number of leaders and representatives of the Chinese business community, with the participation of Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade.

The meeting took place during her participation in the World Economic Forum's Annual Meeting in Tianjin, China, and included several CEOs from Chinese companies in the automotive, pharmaceutical, financial, and digital transformation sectors, among others.

 

During the meeting, H.E. Minister Al-Mashat emphasized the deep and distinguished Egyptian-Chinese relations, which span decades of close cooperation based on mutual respect and common interests. She noted that the comprehensive strategic partnership between the two countries, launched in 2014, represents a successful model for South-South cooperation and contributes to achieving mutual development.

 

H.E. Dr. Al-Mashat pointed out that in recent years, the Egyptian state has adopted an ambitious program of economic and structural reform aimed at enhancing the investment environment, stimulating private sector participation, and developing infrastructure. This creates promising opportunities for joint investment in priority sectors such as industry, renewable energy, telecommunications, technological infrastructure, and logistics.

 

H.E. Dr. Al-Mashat reiterated that China is a key partner in this vision, as economic relations between the two countries are witnessing remarkable development, both in terms of trade volume and direct investments. She highlighted the unique investment opportunities Egypt offers, based on its distinguished geographical location, a network of free trade agreements, and legislative frameworks that support business growth.

 

H.E. Minister Al-Mashat added that the Egyptian government seeks to strengthen cooperation with Chinese companies and institutions wishing to expand into the Egyptian market, especially within the framework of Egypt's Vision 2030, which includes targets related to sustainable growth, green transformation, and the localization of strategic industries.

 

H.E. Dr. Al-Mashat reaffirmed that the government is working to consolidate macroeconomic stability and preserve development gains to deal with successive regional and international challenges. She noted that the state continues to implement a comprehensive program of economic and structural reforms aimed at enhancing the economy's resilience, improving the business climate, and expanding the growth base led by the private sector. She mentioned that these reforms, along with continuous investments in infrastructure and legislative modernization, make Egypt an attractive and growing destination for foreign direct investment.

 

At the conclusion of the meeting, H.E. Minister Al-Mashat invited the Chinese business community to take advantage of cooperation opportunities with Egypt as a gateway to African, Middle Eastern, and European markets. She stressed the state's commitment to providing all means of support to serious investors and building long-term partnerships that contribute to achieving common interests and balanced development.

 

It is worth noting that the Ministry of Planning, Economic Development and International Cooperation, in its role of developing and strengthening economic relations with development partners, is working to advance relations on various levels with the Chinese side, particularly in the field of exchanging expertise and technology and enhancing scientific research. The Chinese side contributes to supporting and developing Egyptian expertise in the field of satellite assembly and testing, and training Egyptian cadres.

 

In 2023, a Memorandum of Understanding for the Global Development Initiative (GDI) was signed during Dr. Rania Al-Mashat's visit to China. This MoU lays the foundation for a new phase of joint work with the Chinese side. Through this, an integrated strategy for development cooperation between Egypt and China for 3-5 years will be formulated for the first time in light of the joint relations between the two countries. The two countries also signed their first MoU for debt-for-development swap, which the Ministry of Planning, Economic Development and International Cooperation is working to activate.