Chinese investments in Egypt reached $15 billion, according to Secretary General of the Union of Arab Banks Wessam Fattoh.
Fattoh noted that a number of agreements and contracts worth $18 billion were signed between the Egyptian government and China in September.
He added that China is the first trade partner of the Arab countries.
“Trade exchange between China and the Arab countries recorded $200 billion in 2017, which is four times higher than the volume of 2014,” he stated.
Beijing investments in the region hit $30 billion, as a result of the development of Arab-Chinese relationships in the fields of economy, investment, finance and banking.
The Union of Arab Banks will hold its annual conference in Beirut on November 15 and 16, 2018, with the participation of more than 700 banking leaders and financial figures, central bank governors and Arab ministers of planning, finance and economy.
Minister of Industry and Foreign Trade Amr Nassar said earlier that Egypt’s exports to China hiked 60 percent during 2017, recording $408 million, compared to $255 million in 2016.
The minister pointed out that the Egyptian government is working on turning Egypt into a commercial and logistic hub for the access of Chinese products to Africa and Europe.
“The current period is the appropriate time to pump Chinese investments into the Egyptian market in light of the political stability in Egypt and the strong relationship between the two countries, in addition to the economic incentives that Egypt offers, including the new investment law,” the minister said.
The new investment law provides investors with several incentives and treats men, women, Egyptian and foreign investors equally.
The law also stipulates that foreign employees should not exceed 20 percent of the total number of workers in the projects established by non-Egyptian investors.
Egypt Today
14/11/2018
