EyE on U | A symphony of economic growth: Baher Sheweikhi explores Egypt, HK, and BRI in action
In recent years, Egypt, located in North Africa, has been gradually promoting the construction of its economy. On this ancient land, the Egyptians created the Suez Canal Economic Zone (SCZONE), and the promotion of the Belt and Road Initiative (BRI) has also allowed China to participate in this project.
In July this year, China and Egypt signed a series of agreements on investment projects worth 60 million U.S. dollars in the TEDA Suez Economic and Trade Cooperation Zone in Egypt. The Zone is a national-level overseas economic and trade cooperation zone recognized by China's Ministry of Commerce, and is jointly funded by Tianjin TEDA Holdings and China-Africa Development Fund with the goal of promoting Sino-Egyptian industrial and energy cooperation. Being both developing countries, the two have found a way to work together despite the vast distance lying between them.
As the gateway to China, Hong Kong has also reached out to its good partner, Egypt, where the Secretary for Financial Services and the Treasury, Christopher Hui, met with the Egyptian Minister of Finance, Mr. Mohamed Maait, on September 24 to explain how Egypt can leverage on the advantages of capital market interconnection between Hong Kong and the Mainland and bond issuance to raise funds from international investors, as well as to make good use of Hong Kong's well-established infrastructure for the development of Islamic finance.
Invest Hong Kong and the Egyptian General Authority for Investment and Free Zones (GAFI) have also signed a Memorandum of Understanding (MOU) on cooperation, committing to work together to promote cooperation in investment promotion exchanges and support between the two places.
In this latest edition of EyE on U, we have invited Baher Sheweikhi, Consul General of Egypt in Hong Kong, to talk about the prospects of cooperation between the two places in his eyes. What changes can be brought about by more frequent exchanges between the two places? What are some promising areas of co-development? What are Egypt's plans for future cooperation? Watch the video for more information!