Chinese investments in Egypt hit $5billion

Chinese investments in the Egyptian market reached more than US$5 billion in 2015 as there are more than 30 Chinese firms work in Suez Canal Axis region.

Chairman of China Council for the Promotion of International Trade (CCPIT), Jiang Zengwei stated Saturday that trade exchange between Egypt and China recorded $12.9 billion in 2015, registering 10 percent growth.

Zengwei made these remarks during the 2nd Egypt Investment Forum that took place on 28-29 May 2016 at the Intercontinental Cairo Semiramis Hotel in Cairo.

The forum is organised by Federation of Egyptian Chambers of Commerce (FEDCOC) to discuss available investment opportunities, in addition, to providing the opportunity for bilateral meetings among participants, with the presence of international and regional funding parties and donors.

It was attended by Ministers of economy, trade, industry, investment and finance from Arab, African and European countries, as well as Arab and foreign leading businessmen and investors, presidents of the Arab, Islamic, African and European chambers’, leaders of investment development authorities and institutions, investment and financial funds and development banks.

The Chinese official asserted that Egyptian-Chinese relations witnessed a success in 2015 despite the tensions that the region suffered from.

He stated that around 40 Chinese companies working in Arab region expressed their keenness to invest in Egypt .

The chairman added that China started implementing its ten-year plan that eyes a 6.5 percent growth rate.

China’s imports are expected to record $10 trillion while its outward investments are planned to reach $600 billion, the Chinese official pointed out.