Egypt’s Finance Minister, Ahmed Kouchouk, met with his Chinese counterpart, Lan Fo’an, on the sidelines of the Asian Infrastructure Investment Bank (AIIB) meetings in Uzbekistan to discuss ways to expand investment cooperation between the two countries.
Kouchouk stressed the importance of deepening bilateral financial and economic relations to achieve shared development goals. “We will continue to work together to deepen bilateral financial and economic relations and achieve shared development goals,” he said.
He highlighted the need for strengthening financial cooperation to ensure diverse funding sources, financial sustainability, and mobilisation of domestic revenues.
Kouchouk noted that Egypt was among the first African countries to enter the Chinese markets, with strong support from the Chinese Ministry of Finance and the People’s Bank of China.
He also cited the success of Egypt in issuing Panda Bonds, which he believes will facilitate access for the African continent to Asian capital markets through Chinese financial markets.
“We look forward to greater cooperation with the Chinese side in attracting investments, especially partnerships with the Egyptian private sector,” Kouchouk said.
“We aim to strengthen financing and investment partnerships, enter into promising bilateral alliances, and increase Chinese foreign direct investment in manufacturing, logistics, and port management.”
Kouchouk added that the government is working to attract more industrial development, infrastructure, and renewable energy projects, as well as technology localization. He highlighted the Suez Canal Economic Zone as a significant hub for Chinese companies in Egypt.
“Egypt is a strategic partner in the Belt and Road Initiative, which contributes to facilitating regional trade, improving connectivity, and promoting cooperation on a wide scale across continents,” Kouchouk said.
He noted that there are competitive opportunities for Chinese companies in sustainable sectors such as agriculture, desalination, and healthcare. “This can help improve the trade balance by increasing the volume and growth of Egyptian exports to China and attracting more tourism to Egypt,” he added.
