The Minister of Finance of Egypt, Mohamed Maait, met with the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Christopher Hui, on the sidelines of the Asian Financial Forum. The meeting focused on deepening bilateral relations and sharing experiences on how to cope with the negative impacts of global economic crises and geopolitical tensions.
Maait expressed Egypt’s interest in learning from Hong Kong’s experience in boosting investment flows. He said that Egypt is committed to strengthening mutual relations, attracting more Chinese investments, and using its developmental experience to appeal to new segments of foreign investors. He also emphasized the benefits and incentives of the Suez Canal Economic Zone, which has a strategic location and a favourable business environment.
Maait explained that the Egyptian government adopts a diversified and innovative financing strategy, which targets multiple markets, tools, and investors. He said that this strategy aims to mitigate inflationary pressures caused by successive global crises, achieve sustainable development, and secure affordable development financing to meet economic goals. He also stressed the importance of exploring new instruments that enable international and multilateral development banks to mobilize financial resources with ease for developing and African countries. He said that this would help close the financing gap and enhance efforts for inclusive and sustainable development in emerging economies.
Maait announced that an agreement was reached during the meeting to sign a tax avoidance agreement this year and to explore the possibility of issuing bonds in the local currency on the Hong Kong Stock Exchange.
Moreover, both parties agreed to exchange experiences and delegations in the fields of taxes and customs.
