In continuation of efforts to enhance joint cooperation in various fields and explore new areas of joint work with development partners, Rania Al-Mashat, Minister of International Cooperation, met with John Lee, Chief Executive of the Hong Kong Special Administrative Region, during her participation in the activities of the Belt and Road Summit.
The two sides discussed ways to enhance joint cooperation and benefit from Hong Kong’s position as one of the largest global financial centers to enhance joint economic cooperation, via the Belt and Road Initiative (BRI) in this regard, as well as promoting investment opportunities in the Egyptian market and the efforts made by the country to stimulate private sector and attracting investments.
During the meeting, the minister expressed Egypt’s appreciation for the existing cooperation at all levels with China, stressing that the coming period will witness more joint work based on the comprehensive strategic partnership agreement signed by the leaders of the two countries in 2014, as well as the continued development of joint relations, referencing the MoU signed on the Global Development Initiative (GDI) last July, which establishes a new phase of economic and development cooperation and explores prospects for cooperation with China.
The minister discussed ways to advance joint relations and benefit from the position that Hong Kong enjoys as one of the largest global financial centers, especially at the level of financial, tourism, commercial, and logistical services.
She also touched on the importance of expanding the scope of joint cooperation under the Belt and Road Initiative (BRI).
Moreover, Al-Mashat explained that South-South cooperation is one of the promising areas that can be taken into consideration, highlighting the great economic potential available in the Hong Kong region, Egypt’s vital location, and its relationship on the African continent to enhance development efforts and implement the SDGs.
In a related context, she invited the Chief Executive of the Hong Kong Region, companies, and investors in the region to learn about investment opportunities in Egypt.
The minister pointed to the measures taken by Egypt to encourage local and foreign investments and empower the private sector as a key partner in driving comprehensive and sustainable economic growth, pointing to the investment opportunities available in priority sectors in Egypt, especially the Suez Canal Economic Zone, which is witnessing an increase in Chinese investments in ports, textile, and various industries sectors.
Al-Mashat also expressed her aspiration to strengthen the partnership with HSBC Bank to support development efforts in Egypt and participate in the annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh this September.
She stressed the importance of the Hong Kong Summit to explore the best ways and solutions to benefit from the BRI and discuss the promising prospects for cooperation with the private sector, adding that the initiative enhances communication between China and connects it to the world through infrastructure projects and enhancing investments in various countries across the Belt and Road.
For his part, the Chief Executive of Hong Kong spoke about the financial benefits and services available in the region and the available capabilities that could contribute to enhancing joint cooperation efforts with Egypt in Belt and Road Initiative projects.
Moreover, the minister participated in the dinner, which was hosted by the Chief Executive of the Hong Kong Region, for high-level delegations and representatives of countries participating in the Belt and Road Initiative Summit.
It is worth noting that the Minister visited China last July, the first visit since COVID-19, as the visit witnessed Egypt signing a memorandum of understanding on the GDI launched by the Chinese President in 2021, which supports the Egyptian partnership.
It includes a clause to establish a consultation mechanism at the departmental level and work to formulate an integrated strategy for development cooperation between Egypt and China for a period of 3 to 5 years, for the first time, in light of the growing relations between the two countries.
Four documents were also signed with the Chinese Agency for International Development Cooperation in the fields of transportation, vocational training, and the preparation of feasibility studies.
Meeting with HSBC
While in Hong Kong, Al-Mashat met with David Eldon, Executive Chairman of HSBC Bank Middle East.
During the meeting, the Minister discussed the results of the Belt and Road Summit in Hong Kong, and efforts to enhance joint cooperation with investment banks and multilateral development banks to enhance development efforts by providing financing and increasing investments in priority projects.
The minister also touched on the current global challenges that hinder development efforts, and the necessity of providing the necessary financing and investments from the private sector, in addition to what governments are doing to advance the global development agenda.
On the other hand, the Minister participated in a lunch held by HSBC Bank and the Hong Kong Trade Development Council for delegations of countries participating in the Belt and Road Summit, where she held side discussions with Hon. Christopher Hui, Secretary for Financial Services & Treasury of Hong Kong, and CEO of HSBC Hong Kong Luanne Lim.
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