The Minister of Industry and Foreign Trade Tarek Kabil and the Minister of Investment Dalia Khorshid concluded their visit to Beijing, where they presided over the joint Egyptian-Chinese committee meetings, and held extensive meetings with the Chinese business community and a number of major companies.
Kabil stated that Egypt is experiencing considerable improvement in regards to stability, as a result of the political roadmap, which prioritises the improvement of the economic climate. The government is keen to facilitate the flow of investments into the Egyptian market, especially in regards to licensing, he added.
He pointed out that the Egyptian government is implementing a comprehensive economic reform plan, aiming to increase economic growth rates, which reached 4.2% last year. The government is targeting an economic growth rate of 5% by the end of this year.
Consequently, the government has taken many decisions to facilitate a system for investment procedures, as well as changes in the legislative system and the implementation of several projects to improve the infrastructure in industrial areas, Khorshid explained.
She added that a Higher Investment Council headed by President Abdel Fattah Al-Sisi was established, to review all investment laws and procedures, and that the upcoming period will witness a leap in the Egyptian investment system.
Moreover, the two ministers met with Huawei’s senior vice president Gong Xingyuan to discuss the company’s expansion plans in Egypt throughout the upcoming period. They also met with the CEO of Black Peony, a leading Chinese company in the textile industry, to discuss the possibility of establishing a factory in Egypt, through a partnership with Egyptian companies.