CAIRO, April 17, 2018 - The Egyptian economy is on the right track during the current period thanks to a strong reform programme launched by the government four years ago and endorsing laws supporting the investment climate in Egypt, China's Ambassador in Cairo, Song Aiguo, said. Addressing a press conference after hosting the Forum on China-Africa Co-operation (FOCAC) in Cairo on Tuesday, Mr Aiguo said that the economic reform has resulted in a noticeable increase in the growth of Egypt's domestic product (GDP).His country, he said, is following the economic developments in Egypt closely. Mr Aiguo expected a rise in the Chinese investments in Egypt soon. He referred to Egypt's efforts to improve and facilitate investment laws, describing them as very important. He also stressed China's stance in support of Egypt with the aim of achieving sustainable development and deepening economic co-operation between Cairo and Beijing in various fields. "Seven years ago, Chinese investments in Egypt were less than they are now," he said, and new investments would soon be made in the Suez Canal Economic Zone (SCZone) . Economic relations with Egypt are based on benefiting the two countries, Aiguo said. The Ambassador said Egypt was a pivotal state, not only in the Middle East, but also in Africa, therefore, it had been selected to be the venue of this important forum this year. He also referred to Egypt's unique geographical location, highlighting the depth of the Egyptian-Chinese ties. The forum is one of the most important international events that focuses on promoting Chinese-African co-operation. Suez Canal Authority Chairman Admiral Mohab Mamish said holding the FOCAC in Cairo this year underlined the depth of bilateral ties between China and Africa, especially in the trade and economic domains. Addressing the FOCAC opening session, he said "we are looking forward to boosting Sino-African co-operation via the six harbours of the economic zone." He added that the Suez Canal Zone project helped boost Chinese-African co-operation. He noted that China had made huge investments in the Red Sea area port town of el-Ain el-Sokhna. "The relations with China are well established and will not be affected by any changes. We are happy with this relationship and seek to develop it in all domains," said Admiral Mamish. He pointed to the growth of Chinese investments in the SCZone, adding that there are more Chinese investments in the automotive industry to manufacture a car at an affordable price for Egyptians. Admiral Mamish explained that 70 per cent of this industry would be for export and the remainder would be for the local market.There was, he said, competition between capital owners and investors to invest in the SCZone. China's former deputy foreign minister said Chinese-African ties are at their best in the various domains, underlining the importance of partnership with Egypt which is a powerful Middle Eastern state. He said the volume of trade between China and Africa stood at 170 billion dollars in 2017.
