Prime Minister Mostafa Madbouly held a series of meetings with Chinese corporation executives and businessmen to discuss investment opportunities in Egypt in various fields, including the automotive industry, on the sidelines of the Forum on China-Africa Cooperation (FOCAC) in Beijing, according to a cabinet statement.
Prime Minister Mostafa Madbouly met with Jack Wei, chairman of Great Wall Motors, where the latter expressed the company’s interest in investing in Egypt, highlighting Egypt’s strategic location and facilitated trade agreements as key incentives for export.
According to the Egyptian cabinet, Wei stated that Great Wall Motors began studying the Egyptian market in March last year, driven by a strong interest in investing in Egypt.
There has been ongoing communication with the Egyptian side, particularly the Suez Canal Economic Zone Authority, the company’s chairman said, adding that the company will rely on Egypt not only to meet the local demand for their cars but also to export them, along w
ith spare parts, to neighbouring countries.
Wei also announced that after analyzing the Egyptian market the company will supply more cars to meet the increasing demand, highlighting that the Chinese government supports and encourages Chinese companies to enter the Egyptian market.
This project is expected to create around 4,000 job opportunities, and the company looks forward to support and attention from the Egyptian government.
Madbouly expressed Egypt’s commitment to supporting the automotive industry, particularly electric and hybrid vehicles, and offered incentives to the company.
The meeting concluded with both sides inspecting two of the company’s cars.
The Egyptian prime minister also met with GAC Automotive’s General Manager Feng Xingya, where they discussed Egypt-China relations and Egypt’s efforts to boost its automotive industry, particularly electric vehicles.
Madbouly offered incentives, including the golden license, to encourage GAC’s investment in Egypt.
Xingya thanked Madbouly for the
support, highlighting the company’s growing success in China and Egypt.
Madbouly reaffirmed Egypt’s readiness to support GAC’s project launch in Egypt.
Madbouly also met with Dai Jun, chairman of Famsun Agrifam, where they discussed the company’s major projects in Egypt, particularly its involvement in food silo manufacturing and its partnership with Mustaqbal Misr to establish silos with a storage capacity of 500,000 tons in the New Delta project.
Famsun Agrifam has added five million tons of storage capacity in Egypt, addressing grain storage losses.
The company plans to expand its projects in Egypt to support food security and create job opportunities.
Madbouly praised the company’s efforts and expressed his intention to visit its factory soon.
The prime minister met with He Jin, CEO of China Southern Glass (CSG Holding), on the sidelines of the FOCAC in Beijing.
The discussion centred on the company’s two projects in Egypt: photovoltaic glass production and photovoltaic unit and battery manufacturi
ng.
Madbouly emphasized the government’s support for renewable energy projects, offering incentives and logistical aid.
For his part, Jin praised Egypt’s investment environment and highlighted the company’s international reputation, noting that CSG glass is used in the New Administrative Capital’s high-rise towers.
Madbouly promised to provide essential resources, including land, electricity, water, and natural gas, and noted that the company had been granted the Golden License to expedite the project.
Source: State Information Service Egypt