Egypt accepts yuan for Chinese firms incorporation

Egypt is set to accept of the incorporation of Chinese firms in yuan to facilitate investments, CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, announced on Monday.

Chinese companies are now invited to apply for new investment land allocations in New Alamein and New Minya cities in 2024, said Heiba.

He emphasised the government’s  focus on attracting Chinese investments in key sectors such as tourism, textiles, home appliances, renewable energy, and especially electric vehicles.

This remarks were made during a meeting between Heiba and delegations of Chinese public and private sectors to discuss injecting new investments into the Egyptian market.

The Egyptian government aims to leverage the Belt and Road Initiative and improve the trade balance through new Chinese investments and tourism, Heiba added.

Chairman of the China Chamber of Commerce for Import and Export of Textiles, Cao Jiachang, highlighted the attractiveness of the Egyptian market and the efficiency of its labour force. He noted that China is shifting its industrial priorities to economies close to major markets like Egypt.

Attribution: the Egyptian Cabinet

Subediting: M. S. Salama