Egypt, China-based Henan Investment probe boosting renewable energy cooperation
Updated 9/8/2024 5:04:00 AM
Arab Finance: Prime Minister Mostafa Madbouly met with the Vice Chairman and General Manager of Henan Investment Group Zhu Hongbing to discuss enhancing collaboration in the field of new and renewable energy, as per a statement.
On the sidelines of the Forum on China–Africa Cooperation (FOCAC), Madbouly discussed the support his government can offer to the company’s investments in Egypt.
He highlighted Egypt's goal to increase the renewable energy’s contribution to the national energy mix to 42% in the coming years and the country’s efforts in electrical interconnection with neighboring states to enhance the national grid.
Moreover, Madbouly emphasized the importance of investing in renewable energy, outlining the incentives provided by Egypt to attract investments in this sector.
He also mentioned Egypt’s favorable trade agreements that facilitate exports and support the localization of renewable energy technology.
Additionally, he discussed the local electric vehicle industry, supported by recent legislation and incentives, and Egypt’s expansion into water desalination as another investment opportunity.
For his part, Hongbing provided an overview of Henan’s activities and interests in investing, particularly in renewable energy.
The meeting concluded with an agreement for Henan Investment to visit Egypt to explore further technical details and investment opportunities.
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