Business / Economy

Egypt calls for more Chinese investment

(Xinhua) Updated: 2012-08-29 17:53

BEIJING -- Egypt hopes for more Chinese investment in its infrastructure, tourism and real estate sectors in the near future, Egypt's investment minister said Wednesday.

Osama Saleh, chairman of Egypt's General Authority for Free Zones and Investment, made the remarks Wednesday while attending the two-day China-Egypt Economic and Trade Forum, which opened in Beijing on Tuesday.

The social situation in Egypt has gradually stabilized, Saleh said, adding that the new government aims to strengthen investment in energy, water resources, roads, logistics, medicine and real estate.

Saleh said Egypt is mulling new projects, including a 440-km highway, an airport and a port, to upgrade the country's logistics services.

The Egyptian government has paid great attention to the country's trade and investment environment and is making rules to simplify foreign investment management, Saleh added.

Meanwhile, Egyptian President Mohamed Morsi said on the same occasion that he hopes Egypt and China could realize technology transfer so that Egypt could get technology assistance from China on industrial and manufacturing sector.

Currently, a total of 1,133 Chinese enterprises are investing in Egypt. Their business mainly concerns the manufacturing, tourism, real estate, agriculture and service industries.

In 2011, bilateral trade volume between China and Egypt rose 26 percent year-on-year to hit $8.8 billion, said Saleh, adding that Egyptian exports to China added up to $1.5 billion.

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