Egypt keen to attract more Chinese investments – Min. El-Khatib

Egypt is keen to attract more Chinese investments in sectors that promote the transfer of modern technology, create additional job opportunities, and add value to its economy, said Egyptian Investment Minister Hassan El-Khatib.

Minister El-Khatib made his remarks during the groundbreaking ceremony for the second phase of the Haier industrial complex in Tenth of Ramadan City on Sunday.

Haier Electric Egypt, the first Chinese company to obtain the country’s Golden Licence, is investing an additional $40 million to produce central air conditioning systems on a 40,000-square-metre site in Egypt.

Minister El-Khatib said Haier project is aimed to attract foreign companies to invest in Egypt and boost exports to global markets utilising free trade agreements with the US, EU, COMESA, and Arab region.

The first phase of the project was launched in May in the presence of President Abdel Fattah al-Sisi. The initial phase focused on the production of air conditioners, televisions, and washing machines.

Attribution: The Egyptian Cabinet statement

Subediting: M. S. Salama