Soliman’s statement was made during the ceremony launching the Egyptian-Chinese Entrepreneurs Association (ECEA) at the New Administrative Capital.
He stressed that the investment opportunities are primarily focused in the manufacturing, agriculture, processing farming, and renewable energy sectors as well as the field of establishing logistics chains between them.
While Egypt seeks to attract more investments, Soliman noted, the SWF’s role is to enhance private sector investments and increase its share in the national economy. In addition, the SWF explores the investment opportunities suitable for investors and may become a stakeholder.
Egypt is replete with opportunities for investment, such as in the fields of the production of green hydrogen, education, logistics, technology, and software-based industries. The Suez Canal Economic Zone (SCZONE) provides lucrative export opportunities as well, Soliman added.
Minister of Finance Mohamed Maait said at the launching ceremony that Egypt’s economy can grow and create promising investment opportunities.
Egypt welcomes Chinese investments, which have significantly increased over the past 10 years, Maait noted. China is the sixth largest investor in the Egyptian market, he said, noting that China invests $28.5 billion in the Levant region, the majority of which Egypt benefits from.
More than 140 Chinese companies operate in the Egyptian market, 55 percent of which work in the industrial sector, 20 percent in constructions, and 12 percent in services, he added.
“The ECEA is a fresh platform for effective, sustainable cooperation between the Egyptian and Chinese business communities. The association will attract more investment opportunities that are in line with Egypt’s Vision 2030 and its sustainable development goals agenda,” Maait said.
Egypt and the Chinese Embassy were keen on establishing the association to enhance strategic ties between the two countries in all sectors, he added.
The SCZONE plays a pivotal role in cementing the Silk Road Initiative, particularly through the Egyptian-Chinese Zone for Economic and Trade Cooperation, the minister stated.
Egypt plans to issue Chinese yuan-backed bonds, known as “Panda,” to be directed to the Chinese market to diversify the financing resources of the Egyptian economy and reinforce bilateral cooperation, Maait noted.
Egypt’s exports to the Chinese market rose to $385 million by the end of October, up from $359 million by the end of 2021. Egypt’s imports from China registered $14.6 billion by the end of 2021 and $12.1 billion by the end of October, he said.
Chinese investments in the Egyptian market hiked in the past 10 years from $500 million to $1.5 billion, the finance minister added.
Magdeldin El-Manzalawy, head of the ECEA executive board of trustees, said Egyptian-Chinese relations have witnessed notable development over the past few years under the leadership of President Abdel-Fattah El-Sisi who has visited China 12 times since assuming office.
“The ECEA wants to benefit from the robust bilateral relations to increase cooperation between Egyptian and Chinese businessmen, especially under the Silk Road initiative. It also seeks to create an attractive environment for Chinese companies to invest in Egypt,” El-Manzalawy added.