Key Takeaways
- Egyptian Prime Minister Mostafa Madbouly’s visit to China yielded positive results, including the signing of contracts for several projects within the Suez Canal Economic Zone.
- Egypt and China have agreed to cooperate in new and renewable energy, the automobile industry, communications, and information technology.
- The deals signed in China confirm foreign investors’ confidence in Egypt as ‘a promising market with great investment opportunities’.
Cairo: Egyptian Prime Minister Mostafa Madbouly praised the “positive results” of his recent visit to China during a cabinet meeting on Wednesday, according to a statement from the Egyptian cabinet.
“This visit yielded positive results, thanks to the signing of contracts for several projects within the Suez Canal Economic Zone (SCZone), as well as memoranda of understanding to enhance cooperation in communications and information technology between Egypt and China,” the statement quoted Madbouly as saying.
On behalf of Egyptian President Abdel-Fattah al-Sisi, Madbouly participated in the 2024 summit of the Forum on China-Africa Cooperation (FOCAC) held in Beijing last week.
The Egyptian prime minister highlighted the important meetings he had with several heads and representatives of major Chinese companies, who expressed interest in investing in Egypt in various fields, including new and renewable energy, the automobile industry, communications, and information technology.
“These contracts and the strong desire of Chinese companies to pump large investments into Egypt reflect the success of the state’s approach and government measures towards creating a more attractive climate for foreign direct investment,” Madbouly said, according to the statement.
He added that the deals signed in China confirm foreign investors’ confidence in Egypt as “a promising market with great investment opportunities.”
On the sidelines of the 2024 FOCAC summit, Madbouly witnessed the signing of contracts between the SCZone and several Chinese companies to undertake new projects to manufacture chemical products, food products, and energy components.
He also attended the signing of five memoranda of understanding between the Egyptian side and Chinese companies for cooperation in communications and information technology.
Egypt and China have long-standing cooperative ties that have significantly developed over the past decade, spanning sectors of energy, industry, construction, and transportation.
