Sign In
Sign In


Share Article On

16 Sep 2023

Signing a memorandum of understanding between the investment authorities of Egypt and Hong Kong

​Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI CEO), and Mr. Jimmy Chiang, Associate Director-General of Invest Hong Kong (InvestHK), signed a memorandum of understanding with the aim of increasing investment movement between the two sides, and organizing the exchange of experiences and information.

It was agreed with InvestHK and the Hong Kong General Chamber of Commerce (HKGCC) to organize visits to Egypt for representatives of financial and industrial companies headquartered in Hong Kong, to see the investment opportunities available on the ground, and to know about the incentive packages granted to projects operating in Egypt.

The memorandum of understanding was signed in the presence of Mr. Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR Government, on the sidelines of the activities of the Eighth Belt and Road Summit in Hong Kong, which witnessed the presence of representatives of ministries and trade and investment promotion entities in East Asia and the Arab region, and a number of companies interested in investing in the Middle East.

During the summit sessions, Mr. Hossam Heiba presented the most important measures taken by the Egyptian government to improve the investment environment and attract more foreign direct investments. Among the most important of these measures is the inclusion of the service sector in the activities benefiting from the private free zones framework, and granting the golden license for new investments and expansions of companies, which is a comprehensive license for all permits required to establish companies and factories and start work.

GAFI CEO pointed to the successful cooperation between the Egyptian and Chinese governments, which resulted in many projects implemented by the Chinese government within the framework of the Belt and Road Initiative, especially Egypt-China TEDA Suez Economic and Trade Cooperation Zone project in the Suez Canal Economic Zone, which is implemented by TEDA. In addition, he called on Chinese companies to continue investing in Egypt, especially in the textile, household appliances, automobile components, and petrochemical industries.