(Xinhua)
Updated: 2007-11-01 09:47

CAIRO -- The Egyptian government is trying to attract more investment from China in various sectors, particularly in the field of infrastructure, Chairman of Egypt's General Authority for Investment and Free Zones (GAFI) Assem Ragab said Wednesday.

In an interview with Chinese media in the afternoon at the headquarters of the Egyptian investment authority, Ragab said his country attaches much attention to attracting investment from China, which has a long history of friendship and cooperation with Egypt.

"During the past years, the two sides have witnessed cooperation in various fields including economy, culture, social development and education," said Ragab, adding his country expects more cooperation between the two sides.

Particularly, Ragab said, Egypt welcomes more investment from China, both by state-owned companies and by private ones.

As for the investment climate in Egypt, Ragab said his country has made great progress in recent years in order to lure more foreign capital for the development of his country.

During the past fiscal year of 2006-2007 (from July 1, 2006 to June 30, 2007), the amount of foreign direct investment to Egypt reached a record high at US$11.1 billion, ranking first in Africa and second in the Middle East region, said the GAFI chief.

"It shows that we have made big improvement with regard to investment environment," said Ragab.

In addition, Ragab said Egypt has set up a one-stop services system for company registration, which means more convenience and less red-tapery for foreign companies to invest in Egypt.

"Foreign companies can finish their registration process within 72 hours in the new system," said Ragab.

The Egyptian authorities have also established economic courts to settle disputes related to foreign investment in the country.

Ragab revealed that he will pay a visit to China within two weeks, meeting Chinese companies in a bid to introduce more Chinese capital to the Arab country.

The investment market in Egypt has many advantages for Chinese companies, Ragab said, among which geographic proximity to Europe may rank number one on the list.

"If Chinese companies want to export more goods to the European market, Egypt is an ideal production base for them," said Ragab.

At the same time, Ragab stressed that Egypt is regarded as an important entrance to the emerging market of the African continent, which is also attractive for Chinese companies.