Egypt aims to consolidate economic, investment ties with China: President El-Sisi

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Monday - 13 March 2023

CAIRO: Egyptian President Abdel Fattah El-Sisi said his country was keen to consolidate economic and investment cooperation with China and Chinese companies in areas of common interest.

His remarks came during a meeting on Saturday with the chairman of the China International Energy Group and his accompanying delegation of senior executives.

El-Sisi congratulated President Xi Jinping on his re-election for a new term in office and praised the Chinese leadership and nation for “achieving steady development progress and an important position at international level.”

The head of the Chinese delegation said the motives for investment and expansion in Egypt were based on “the deep friendly relations between the two countries, the two leaderships, and the two peoples.”

A qualitative development in infrastructure and industrial facilities in Egypt over recent years had provided new investment opportunities, he added.

The Chinese official pointed out the tangible improvements in the road network, transportation, communications, new cities, seaports, desalination and water treatment plants, electricity, and new and renewable energy.

And he said the Chinese group intended to launch a green hydrogen production project in Egypt with investments ranging between $5 billion and $8 billion.

On Wednesday, Egyptian Prime Minister Mostafa Madbouly said attracting investment was a key priority of the Egyptian government.

He noted that China was one of Egypt’s main trading partners and hoped China could “become a major investment partner for Egypt.”