Amre Moussa, who was the secretary-general of the Arab League and is now the organization’s honorary president, confirmed that the Egyptian-Chinese Entrepreneurs Association (ECEA) would work to increase investments in the AI and tech industries in Egypt.
The ECEA was launched at a ceremony in the New Administrative Capital. This was part of Egypt’s plan to improve the economy and encourage foreign investment.
Finance Minister Mohamed Maait, Minister of Public Business Sector Mahmoud Esmat, CEO of the Egyptian Sovereign Fund (TESF) Ayman Soliman, and ECEA President Omar Wang were among the important people there.
Maait referred to the ECEA as a brand-new forum for a productive and long-lasting relationship between the Chinese and Egyptian business communities. It intends to investigate additional investment possibilities in state-priority sectors that are directly tied to Egypt’s strategy for Sustainable Development Goals.
This includes opportunities in going green, renewable energy, and scientific research.
The minister also emphasized the significance of the Suez Canal Economic Zone (SCZONE) in reinforcing China’s Silk Road Initiative, mainly through the Egyptian Chinese Zone for Economic and Trade Cooperation, which contributes to increasing the use of the Suez Canal strategic zone as a logistical-economic hub.
“The Egyptian government and the Chinese embassy in Egypt wanted to set up the ECEA to create a place to talk about ways to work together positively. This is in line with the two countries’ growing desire to strengthen their strategic partnership.”
By starting ECEA, we hope to work together to remove any barriers to investment and get more Chinese companies to invest in the Egyptian market, said Maait.
Moussa said the relationship between the two countries would improve because of the association. Also, the latest trends in the tech, digital, artificial intelligence (AI), and environmental industries will be supported by investments between the two countries.
Magda El-Din El-Manzalawy, the head of ECEA’s board of trustees, says, “ECEA aims to use the strong ties between the two countries to improve cooperation between the business communities of the two countries, especially under the Silk Road initiative, and to create a good environment for Chinese investments. ECEA also wants to use these ties to boost Chinese industries in the Egyptian market and reach Egypt’s vision and strategic goals.”