Investment Min.: Stimulating investment for export is one of main drivers of monetary policies

CAIRO - 30 July 2024: Egyptian Minister of Investment and Foreign Trade Eng. Hassan El Khatib met with members of the Egyptian side of the Egyptian-Chinese Business Council, where they discussed ways to enhance investment and trade cooperation between Egypt and the People's Republic of China.

 

The meeting was attended by Hossam Heiba, CEO of the General Authority for Investment and Free Zones, Dr. Mohamed Awad Tag El-Din, Advisor to the President of the Republic for Health Affairs, Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, Dr. Sherif El-Gebali, Chairman of the African Affairs Committee in the House of Representatives, and Eng. Ahmed El-Sewedy, Chairman of the Egyptian-Chinese Business Council.

 

During the meeting, the Minister said that stimulating investment for export is one of the main drivers of the state's monetary, financial, investment and trade policies during the coming period, noting that coordination will be made between all concerned parties to achieve the state's goal of increasing commodity exports.

 

"El Khatib" stressed the importance of deepening investment and trade relations with China as part of the state's plan to integrate the Egyptian economy into global value chains by facilitating procedures for importing intermediate goods and then exporting final products, and benefiting from the growing interest of the Chinese business community in transferring many industries to Egypt, as it enjoys many competitive advantages and a location close to major global markets.

 

For his part, Eng. Ahmed El-Sweedy, head of the Egyptian side of the Egyptian-Chinese Business Council, said that there is agreement between the ministry and Egyptian industrialists on the importance of attracting Chinese investments to the Egyptian market in the manufacturing and tourism sectors, due to their ability to provide sustainable resources of foreign exchange, in addition to the growing Chinese interest in these two sectors.

 

For his part, Dr. Mohamed Awad Tag El-Din, Advisor to the President of the Republic for Health Affairs, stressed the growing Chinese interest in investment cooperation with Egypt in the fields of manufacturing medical devices and producing medicines.

 

The attendees agreed to jointly organize promotional visits for Chinese investors wishing to invest in the Egyptian market, and to introduce them to investment incentives and the most important areas and projects that attract investment, and to expand the establishment of free and investment zones with facilities ready to receive targeted Chinese investments.