Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI), Mohamed Awad, said the authority is working to strengthen the Egyptian-Chinese investment partnership, address challenges facing Chinese companies operating in Egypt, support their expansion, and encourage further Chinese investment.
GAFI chief made the remarks while chairing the inaugural meeting of the Egyptian-Chinese Business and Investment Promotion Committee, attended by Chinese Ambassador to Egypt Liao Liqiang and representatives of a number of companies and relevant entities from both sides.
The meeting was held in implementation of directives by Minister of Investment and Foreign Trade Mohamed Farid Saleh to strengthen economic and investment partnerships and support companies operating in the Egyptian market. Awad said the committee's establishment represents an important step toward enhancing economic and investment ties between Egypt and China and creating direct channels of dialogue with the Chinese business community to identify challenges facing companies and work to resolve them in coordination with relevant government authorities.
He noted that around 3,366 Chinese companies currently operate in Egypt across a number of vital sectors, including textiles and ready-made garments, solar panels, chemicals, automotive manufacturing and logistics services. Awad said GAFI has established a dedicated Chinese Investment Unit to monitor the needs of Chinese companies and coordinate with relevant government bodies to overcome obstacles and develop practical and swift solutions.
He said facilitating investors' operations and directly listening to their concerns remain among GAFI's top priorities. During the meeting, representatives of 10 Chinese companies outlined key challenges and obstacles affecting their operations in Egypt, along with several proposals.
Representatives of the relevant government entities discussed the issues raised in preparation for taking the necessary measures. For his part, the Chinese ambassador stressed the importance of maintaining direct dialogue between the two sides, praising GAFI's efforts to support Chinese companies and provide channels of communication with them.
He said the committee constitutes an important mechanism for identifying investors' needs and addressing the challenges they face. The ambassador expressed hope that the committee's work would help facilitate the expansion of existing Chinese companies and encourage more investors to capitalize on opportunities available in Egypt, particularly in productive and export-oriented sectors.
Awad said GAFI will continue following up on the issues raised by Chinese companies and coordinate with the relevant government authorities to facilitate their operations and support increased Chinese investment in Egypt.