Madbouly pushes for closer cooperation with Chinese firms to attract new investments
Updated 9/24/2024 9:54:00 AM
Arab Finance: Prime Minister Mostafa Madbouly expressed his aspirations for further cooperation with Chinese companies during a meeting with the CEO of the global Haier group Guo Yonghai and a delegation from Qingdao, Shandong province, as per a statement.
He highlighted the importance of leveraging the current ease and simplicity of investment procedures to attract new investments to Egypt
In the presence of Minister of Investment and Foreign Trade Hassan El Khatib and Chinese Ambassador to Egypt Liao Liqiang, Madbouly highlighted the depth of Egyptian-Chinese relations, especially as the two nations celebrate the tenth anniversary of their Comprehensive Strategic Partnership Agreement.
He underscored the Egyptian government’s commitment to attracting more Chinese companies to the market and expressed a strong desire for enhanced cooperation that would foster investment and create jobs across various sectors, including home appliances, textiles, and electric vehicles.
In his remarks, Madbouly acknowledged Haier’s recent project as a significant contribution to Egypt’s industrial landscape, stating it relies heavily on local components to deliver high-quality products at competitive prices.
He noted the project has garnered substantial government support, culminating in the first phase’s inauguration by President Abdel Fattah El-Sisi in May.
The Prime Minister also detailed the government's proactive measures to facilitate Haier’s operations, including granting a golden license and resolving any obstacles encountered by the company.
He expressed hope for the rapid implementation of the project's second phase, highlighting the government’s intention to purchase a significant quantity of the initial production for national projects, which would assist in offsetting initial costs before the company transitions to export markets.
For his part, El-Khatib described the Haier complex as a model for foreign investments in Egypt, noting that it was the first Chinese company to receive a golden license.
El-Khatib laid the foundation of the second phase of Haier’s new industrial park in Egypt on September 23rd.
He projected further investments of $40 million in the company’s efforts to produce central air conditioning units, reinforcing the importance of Egypt as a major market in the Middle East and Africa.
Liqiang expressed appreciation for the Egyptian government’s support of Chinese investments and highlighted the need for continued collaboration in various sectors.
China-based Haier Group is investing around $250 million in Egypt over five years.
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