Egypt’s General Authority for Investment and Free Zones (GAFI) hosted a forum with a Chinese delegation to explore linking the Egyptian business community with innovation leaders in China and enhance investment partnerships, GAFI said in a statement.
The Egyptian-Chinese Forum for Enhancing Investment, Innovation and Entrepreneurship Partnerships featured a delegation from Shanghai, described as China’s economic capital. It included dozens of university professors and business leaders led by Xiongwen Lu, Dean of the School of Management at Fudan University, founding director of its Marketing Research Centre, and a board member of several multinational and large industrial companies in China.
Lu affirmed Egypt’s readiness to receive significant Chinese investments in the near future, stating Fudan University would use its connections within the Chinese business community to promote investment opportunities in Egypt.
He highlighted the depth of bilateral ties, noting the upcoming 70th anniversary of diplomatic relations next year. He recalled the 2014 elevation of the relationship to a comprehensive strategic partnership, signed in the presence of President Abdel Fattah Al-Sisi and President Xi Jinping, and Egypt’s early participation in the Belt and Road Initiative.
Discussions at the forum covered ways to connect Egyptian industries with Chinese technological advancements. This comes amid growing interest from Chinese businesses in investing in Egypt, attributed to the country’s recent infrastructure and legislative developments aimed at attracting investment, GAFI said. Egypt’s competitive advantages, including skilled labour, strategic location, and trade agreements providing access to around 3 billion consumers, were also noted.
Hossam Heiba, CEO of GAFI, stated that “localising technology and supporting creative ideas is one of the most important goals of the Egyptian government.” He cited the granting of Golden Licences to Chinese companies Haier and Midea for their decision to localise industrial technology in Egypt. Heiba also mentioned that GAFI has trained over 300,000 entrepreneurs in the past five years, many contributing to the economy and its connection to global tech trends.
Furthermore, Heiba announced that GAFI “seeks to establish technology innovation centres in its affiliated free and investment zones, in partnership with countries exporting investment to Egypt, foremost among them the People’s Republic of China.”
