China and Egypt are discussing new cooperation projects, Song Aiguo, the Chinese ambassador to Egypt, told Daily News Egypt, adding that the recent economic reforms taken by the Egyptian government are encouraging and still improving.
Egypt is one of the most important countries in the region, he added, noting that Egypt has already started its journey toward reform and opening up.
“I can see some initial results especially in foreign reserves, and foreign direct investments (FDIs) are being attracted and megaprojects as well as the Suez Canal corridor,” he mentioned.
If Egypt sticks to reform and opens up, the country will have a very bright future, but it is important to find a new way for economic development and social integration, he affirmed.
“I think we are making a close contact with Egyptian side and we have already achieved some important successes such as what has been accomplished in new cities including the NAC in the central business district area,” he noted.
He pointed out that there are other important Egyptian projects assisted by Chinese companies in cement and other facilities as well as participating in infrastructure development in some economic zones, especially in Ain Sokhna.
More Chinese investments will be injected in Egypt, he expected, adding that the most important sectors for Chinese companies are the manufacturing and industry sectors, as well as raw materials because Egypt is a home for raw materials.
“We have already provided Egypt with credit loans and there are other projects underway that may need Chinese financing and we are in discussions with the Egyptian side regarding these projects,” he mentioned.
China has opened up its policy to pave the way for more cooperation, he affirmed.
China is committed to assisting Egypt and Africa in general with regard to promoting investments and trade exchange, the ambassador noted, adding, “I think that China is ready to import more products from Egypt and African countries. Egyptian exports to China showed an increase last year of about 30%.”
Additionally, the withdrawal of the China Fortune Land Development (CFLD) from investing in the NAC is the company’s business and does not affect business relations between the two countries, he commented.
“We are still discussing ways to have more investments in Egypt’s free trade economic zones and industrial parks; generally, we are open to any kind of suggestions and negotiations and all options are on table,” he reaffirmed.
Chinese companies will continue visiting Egypt to explore and look for new investment opportunities, he noted.
The stability of the Egyptian pound is a good sign and an indicator that the Egyptian economy is now on the right track, he said, adding, “we expect more, as we need long-term stability, which will reflect on the economy’s growth.”