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Tuesday, April 23, 2024

Egypt explores new Chinese investment opportunities for New Alamein’s planned free zone

Egypt is seeking to attract new Chinese investments to the planned free zone in New Alamein City, according to a meeting between Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), and Ye Dongsong, Chairman of the Hebei Provincial Committee of the Communist Party of China (CPC).

The Monday meeting, which was attended by Chinese Ambassador to Cairo Liao Liqiang and a high-level Chinese government delegation, focused on attracting investment to the free zone in New Alamein City.

Heiba said that the government is expanding the establishment of free zones in parallel with investment attraction plans to make the best use of resources and time, so that the free zones can start operating as soon as construction is completed.

Moreover, the meeting discussed the importance of strengthening economic relations between Egypt and China under the Belt and Road Initiative, which aims to strengthen trade and economic ties between 60 countries in Asia, Europe and Africa.

Heiba stressed the support for Chinese companies operating in Egypt, which have contributed to the transfer of modern technology to Egypt, the employment of thousands of workers, the increase of Egypt’s exports and the reduction of the import bill.

“Thus, the Egyptian government has been keen to grant a number of Chinese companies the “golden license,” which is a comprehensive license for all permits, and to form the ministerial committee for China unity headed by Egyptian Prime Minister Mostafa Madbouly,” he indicated.

This has led to the growth of Chinese investments and the increase of the spread of Chinese trademarks manufactured in Egypt, which achieves the interests of both countries.

Heiba reviewed the Egyptian government’s efforts to attract investments, the most important of which are the launch of electronic company establishment, the expansion of the establishment of free, investment and industrial zones, the tremendous boom in the development of roads and infrastructure, in addition to the legislation and strategies supporting investment and the private sector, the most important of which are the state ownership document and the national strategy for the automotive industry.

The Chairman of the Hebei Provincial Committee of the CPC expressed his province’s aspiration to cooperate with Egypt in various fields, including business development, electric car manufacturing, building materials and chemical industries.

He also invited the CEO of GAFI to visit Hebei Province to discuss ways to enhance economic cooperation between the two sides. The province is located near Beijing, the capital, and Tianjin Port, which makes it economically important.

New Alamein City was inaugurated on Egypt’s Mediterranean coast in March 2018. Envisioned as a first-of-its-kind development for the North Coast, the city sits roughly 85 kilometres west of Alexandria’s Borg El Arab Airport, capitalizing on its proximity to the beautiful Mediterranean Sea.

Kaylie Pferten
Kaylie Pferten
A pilot of submersible crafts in a former life, now married to my husband David and writing about investment advice.

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