Chinese firms eye investing in New Admin Capital: Ambassador

CAIRO - 29 August 2017: Several Chinese companies are looking for investment opportunities in Egypt especially in the New Administrative Capital, Chinese Ambassador to Egypt Song Aiguo said Tuesday.

In a press conference about Egyptian-Chinese relations, Aiguo said Chinese companies are interested in building public facilities and industrial parks.

Investments of Chinese companies in Egypt reached a total of $6.8 billion, most of them entered in the last five years, Aiguo added.

Aiguo praised economic reform measures taken in Egypt, adding that the Suez Canal Economic Zone project will attract foreign investment and will act as a driving power for trade and industry growth.

Economic relations between Cairo and Beijing are deemed strong. The volume of trade exchange between Egypt and China recorded $5.178 billion from January to June 2017.
China's exports to Egypt decreased by 20.79 percent on a year-on-year basis to $4.518 billion, while Chinese imports from Egypt increased by 298.37 percent to reach $660 million.

Egypt ranked 52nd in list of China's largest trading partners, according to the latest statistics released by the Chinese General Administration of Customs.

Also, the number of Chinese tourists coming to Egypt has increased by 94 percent during the year 2017, compared to the same period last year, according to Xinhua News Agency.