Cairo – Mubasher: Total foreign direct investment (FDI) flows from China to Egypt surged 97.2% in the fiscal year 2015-2016, Mohammed Khodeir, chief executive of the General Authority for Investment and Free Zones (GAFI) said on Thursday.
Chinese FDI reached $119.3 million in the fiscal year ended July 2016, compared with $60.5 million in the previous year, Khodeir added.
The GAFI official continued, saying that “The number of Chinese firms operating in Egypt reached 1,300 firms with a contributed capital of $500 million.”
China ranks 23rd in the list of countries investing in Egypt, he noted, adding “we hope it will be among the top 10.”
Chinese president Xi Jinping in January 2016 visited Egypt and signed 20 agreements with investments totalling $15 billion.
In September, Egyptian president Abdel Fattah El-Sisi accepted his counterpart’s invitation and participated in the G20 Hangzhou summit in China as a guest of honour.
