Egypt seeks to lure Chinese investors at international forum

CAIRO – 14 May 2017: Minister of Investment and International Cooperation Sahar Nasr asserted that Egypt's participation in the Belt and Road Forum reflects the long-standing partnership between Egypt and China.

The minister's remarks were part of her speech at the forum which was inaugurated earlier in the day by Chinese President Xi Jinping. The event is attended by about 30 other heads of state, 1,200 representatives of 110 countries in addition to 60 international organizations.

Nasr reiterated Cairo's commitment to boosting cooperation with all its international partners participating in the forum.

The Belt and Road Forum constitutes a cornerstone of growth and development across the world, she said, noting that Egypt is a key point of contact in the forum due to its strategic location, large market as well as the business climate in the country which is open for investment.

The minister pointed to the mega projects launched by the Egyptian government in order to promote the private sector's participation in development process, such as the Suez Canal Axis Development project, the new administrative capital, the Golden Triangle project and the 1.5 million feddan reclamation project.

Meanwhile, Nasr said the new investment law is a major leap forward in Egypt's efforts to improve investment environment, as it reduces bureaucracy, simplifies procedures and provides a set of incentives and guarantees for investors.

In this regard, the minister emphasized that Egypt is keen to bolster economic cooperation with its international partners, noting that China is among these strategic partners.

Cairo is exerting efforts to lure Chinese investments to Egypt, particularly in the fields of infrastructure, logistic services, agriculture, automotive industry, information technology and communications, she said.