In the framework of ECFA’s interest in contributing to the efforts aimed at finding solutions to the difficulties currently facing the Egyptian economy, including the need to develop exports and examining related obstacles and challenges, ECFA organized an event on May 31, 2023, in cooperation with the Chinese Embassy in Cairo, under the slogan “Investing for Exportation”, which was attended from the Egyptian side by: Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), and representative of the Egyptian Commercial Service at the Ministry of Trade and Industry, and Mr. Mohamed Kassem, Coordinator of the Economic Committee at the Egyptian Council for Foreign Affairs and Chairman of the Egyptian Exporters Association, and from the Chinese side, by Mr. Zhou Zhencheng, minister counselor of the economic and commercial office at the Chinese Embassy in Cairo and his assistants, and Mr. Zhao Liang, Minister Counselor and his assistants, in addition to a number of experts and ambassadors who are ECFA members.
The symposium addressed three main axes, the first of which is Investing for Exportation, which requires increasing production that is compatible with international levels and standards, technically and environmentally, which cannot be achieved without a significant increase in investments, especially foreign ones, as export is achieved through production, and the latter is achieved through investment. In this regard, it was agreed that the problems witnessed at the level of global production chains due to the “Covid-19 pandemic” and geopolitical tensions could provide opportunities for Egypt to become a new – and indispensable – attractive region for international investors from the main markets in Europe and the United States.
This requires keenness on formulating a vision for the future of Egyptian exports by investing in industrial and agricultural production for exportation in the first place. In this context, the Egyptian side presented in detail the additional benefits and facilities approved by the Supreme Council for Investment during its recent meeting chaired by the President of the Republic, which was welcomed by the Chinese side, stressing its keenness on promoting these benefits and facilities within Chinese business and financial circles. On the other hand, the Chinese side hailed the recent visit held by the Chairman of the Suez Canal Economic Zone to China, describing it as successful, and that he had already received pledges of additional Chinese investments in the region.
As for the second axis, it tackled Egypt’s participation in the Shanghai International Exhibition, organized annually by China for the purpose of encouraging developing countries to display their products of various goods and market their exports within China. Egypt was chosen to be the guest of honor of the first exhibition in this regard in 2018, with the participation of 172 countries and regions, more than 3,800 companies, and more than 400,000 Chinese and international buyers. On his part, Mr. Hossam Heiba, GAFI CEO, announced that he will visit China soon to promote investments in Egypt and urge Chinese companies to operate in Egypt.
The third axis addressed means to benefit from the unique Chinese experience in the field of export development by discussing some ideas, such as establishing a national export academy, which provides Egyptian exporters with advice and technical assistance to enhance exports to various countries of the world. The Chinese side has shown special interest in this idea, namely through organizing training and educational courses to develop Egyptian capabilities in this regard, especially small and medium-sized enterprises. In addition, the symposium addressed the challenge of the lack of foreign currency, its repercussions on the production process and chances to attract foreign investments, as well as the necessity of working to solve this problem in a manner that facilitates the work of companies operating in Egypt.
