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  • Friday, 15 September 2023

To enhance bilateral relations with Chinese institutions in light of the Belt and Road Initiative: Dr. Rania A. Al-Mashat, Minister of International Cooperation, meets with officials of the China International Capital Corporation (CICC) and the Commissioner of the Belt and Road Initiative in Hong Kong

The Minister of International Cooperation discusses with officials of the China International Capital Corporation (CICC) efforts to stimulate the private sector through international partnerships and enhance the investments of Chinese private sector companies.

● Minister of International Cooperation to the Belt and Road Initiative Commissioner: The initiative’s priorities are consistent with Egypt’s vision and efforts to enhance investments in the Suez Canal region and attract private investments.

● Joining the Global Development Initiative (GDI) expands the horizons of development cooperation between Egypt and China in various initiatives and programs.

As part of H.E.’s visit to Hong Kong to participate in the Belt and Road Summit, and the ongoing efforts to enhance joint relations with Chinese institutions in light of the bilateral relations between the two countries and the Belt and Road Initiative (BRI), Dr. Rania Al-Mashat, Minister of International Cooperation, met with officials of the China International Capital Corporation (CICC).

This CICC was founded in 1995 and provides financial services and investments through 200 branches and 7 main centers around the world in Hong Kong, the United States, Singapore, the United Kingdom, Europe and Japan.

H.E.  also met with Nicholas Ho, Commissioner of the BRI, in the presence of Ambassador Baher Sheweikhi, Consulate-General of Egypt in Hong Kong, Hossam Heiba, Chairman of the General Authority for Investment and Free Zones (GAFI), and Dr. Ibrahim Abdel Khaleq, Vice President of the General Authority of the Suez Canal Economic Zone for Investment and Promotion Affairs.

During the meeting with the CICC, the Minister expressed her appreciation for the depth of the relations between the Egyptian and Chinese governments, and their role in strengthening Egypt’s efforts to achieve the 2030 development vision and the SDGs, especially at the level of supporting infrastructure projects, scientific research and satellite technology. H.E. referred to the comprehensive strategic partnership agreement that was signed in 2014, and how the government looks forward to building on it towards more joint cooperation programs and projects.

H.E. also referred to her visit to the Chinese capital, Beijing, last July to participate in the Forum on Global Action for Shared Development, and to sign a joint memorandum of understanding on the Global Development Initiative (GDI), stressing that the MoU enhances the path towards exploring more opportunities and prospects for cooperation between the Egypt and China.

On the other hand, the Minister discussed, with officials of the CICC, opportunities for joint cooperation in implementing the projects of the national platform for the “NWFE” program, the nexus of water, food and energy projects, which are at the core of the objectives of the National Strategy for Climate Change 2050. H.E. also reviewed Chinese investments in various fields of development in Egypt.

The Minister also explored efforts to empower the private sector and increase its participation in development through international partnerships and development cooperation, and mechanisms to enhance partnership between the government and private sectors, noting the efforts made by Egypt the past years to enhance the role of the private sector as a key partner in promoting comprehensive and sustainable growth; stimulating the transition to a green economy. The meeting also touched on the mechanisms that are made available through international partnerships with multilateral and bilateral development partners to support private sector companies through credit lines, technical support, and investment guarantees.

BRI Commissioner

In another context, Al-Mashat  met with Mr. Nicholas Ho, Commissioner of the Belt and Road Initiative (BRI), where she stressed during the meeting the importance of the BRI to expand the scope of cooperation in various fields between China and various countries of the world, expressing the government’s keenness to advance joint cooperation within the initiative’s framework.

H.E. also confirmed that the signing of the Memorandum of Understanding of the Global Development Initiative (GDI) last July pushes joint cooperation and enhances the exploration of cooperation opportunities, especially in the Decent Life Initiative and enhancing cooperation between countries of the South, the Belt and Road Initiative, and the National Platform for Green Projects, the “NWFE” program.

The Minister indicated that the objectives of the BRI are consistent with Egypt’s 2030 development visions, at the level of enhancing trade and economic cooperation, stimulating comprehensive and sustainable economic growth, localizing industry, and increasing aspects of integration and communication between peoples at the economic and cultural level, explaining that Egypt has taken constructive steps towards launching many major national projects that enhance investment opportunities in various fields, most notably the Suez Canal Economic Zone, which is located at the heart of the initiative’s maritime route.

H.E. noted that the BRI significantly advances multilateral cooperation and stresses the importance of comprehensive partnerships as an important mechanism for promoting economic recovery, especially among emerging economies around the world and the Middle East region. The meeting also discussed preparations for the Belt and Road Summit in the Chinese capital, Beijing, next month.