Egyptian minister invites Hong Kong leader John Lee to country, touts investment opportunities tied to Suez Canal during visit to city
- Rania al-Mashat, Egypt’s minister of international cooperation, says Lee has expressed keen interest in North African country
- ‘We had a very good conversation on heritage, science and how history is a guide that provides information for the future,’ she says
Rania al-Mashat, Egypt’s minister of international cooperation, told the Post on Thursday that Lee had shown a keen interest in the North African country when they met the day before.
“We extended the invitation to him and a business delegation to come and see first hand what is happening on the ground,” she said.
Mashat added that the two sides would work out the details for the visit.
“We had a very good conversation on heritage, science and how history is a guide that provides information for the future,” she said.
Mashat added that she had been told that Lee had made personal visits to Egypt several times and had been fascinated by the geometry of the pyramids.
Lee and Mashat on Wednesday attended the Belt and Road Summit in the city.
She said a key goal of her two-day visit to Hong Kong was to “push forward” the relationship between the city and Egypt by leveraging the country’s strong economic and political links with Beijing.
Egypt’s exports to China surged by 20.8 per cent year on year in the first 11 months of 2022, reaching US$1.7 billion. China’s total investments in the North African country for the financial year 2021-2022 totalled US$563.4 million, a 16.1 per cent increase over the previous year.
Hong Kong ‘has Beijing’s backing’ in bigger role under Belt and Road Initiative
Chinese firms, including the China State Construction Engineering Corporation, have been building Egypt’s new administrative capital near Cairo.
“[We have] an objective of familiarising Hong Kong companies with what’s happening in Egypt and also familiarising Egypt with the financial services that are provided in Hong Kong and the exchange of views, the exchange of knowledge and expertise,” Mashat said. “I think this is a good moment to start as Covid is behind us.”
The minister highlighted the success of Hutchison Ports, a Hong Kong firm that started investment in Egypt in 2005 and now manages Mediterranean container ports in Alexandria and El Dekheila.
The Hong Kong-based port operator, part of a consortium that also includes French shipping giant CMA CGM and Hong Kong-listed Cosco Shipping Ports, signed concessions in March to manage new container terminals in Ain Sokhna and El Dekheila.
The new ports are part of the 455 sq km (175 square mile) Suez Canal Economic Zone set up in 2015.
Preparations for global mediation body in Hong Kong ‘to finish in 2 years’
“The Suez Canal itself is a very important maritime pathway and the economic zone is around it. So it’s leveraging the waterway and creating industrial incentives for different projects,” Mashat explained.
She also met representatives of HSBC, which has a major presence in Egypt.
“We learned a lot about some of the incentives that are provided for the issuance of bonds and the green financing instruments as well,” Mashat, a former economist at the International Monetary Fund, said.
She also revealed that there were discussions on how to encourage more Hongkongers to visit the country and its attractions, including of Grand Egyptian Museum, scheduled to open later this year.
InvestHK and Egypt’s General Authority for Investment and Free Zones also signed a memorandum of understanding to explore cooperation on investment promotion exchanges and support.
The non-binding agreement will boost the sharing of information about the business environment and investment opportunities, as well as encourage interested companies to set up or expand their businesses in both places.
