Key policies can help economy reach its potential, says private sector

Building on the foundation of a flourishing partnership, China will continue to be a key contributor in expediting Egypt's infrastructure development and will play a pivotal role in driving the country's transition towards eco-friendly industrial transformation, according to business leaders and scholars.

In its pursuit of Egypt Vision 2030 — a comprehensive national development plan spanning until 2030 — Egypt is actively engaged in seeking common ground and consensus with the Belt and Road Initiative, and the experts contend this underlines the country's deep commitment to identifying collaborative opportunities and implementing projects within the framework of the BRI.

Egypt's Suez Canal Corridor and Suez Canal Economic Zone stand as prominent examples of success in drawing Chinese investments. A noteworthy case in point is Jushi Egypt, a branch of Chinese fiberglass giant Jushi Group, in the Suez Canal Economic Zone. The company and its manufacturing facilities have played a key role in helping Egypt become a major fiberglass producer in the world, said Ali el-Hefny, Egypt's former deputy foreign minister and former ambassador to China.

Through the BRI, a series of infrastructure projects have been implemented in Egypt, including the Central Business District in the new administrative capital, residential skyscrapers in the coastal city of New Alamein, and the Benban solar plant in the southern province of Aswan, he said, who also is vice-chairman of the Cairo-based Egypt-China Friendship Association.

COSCO Shipping Ports Ltd, or CSPL, a subsidiary of Shanghai-based China COSCO Shipping Corp specializing in port operations, announced in March it had acquired a 25 percent stake in a new container terminal at Egypt's Ain Sokhna Port for $375 million. As a major port for Egypt, the Persian Gulf and Asia, Ain Sokhna is located just south of the entrance to the Suez Canal, about 120 kilometers east of Cairo.

CSPL will operate the port project for three decades, with the terminal's throughput capacity after completion expected to reach 1.7 million twenty-foot equivalent unit containers. The container project will be constructed and operated by a number of companies from different segments in Egypt and other countries.

According to Egypt's growth plans, the Suez Canal Economic Zone has an area of 460.6 square kilometers, and will be developed into the country's industrial, technological and global logistics center. Development of the economic zone will boost Ain Sokhna Port's competitiveness in the Red Sea region and it will become an important logistics hub in the region and Africa as a whole, said Zhao Fengnian, CSPL's chief accountant.

CSPL's investment will also help improve trade links between China and Africa, said Zhao, adding that sustained expansion of its global terminal network is one of CSPL's key growth strategies.

Chang Weicai, general manager of the Egyptian branch of China State Construction Engineering Corp, said the CBD project in Egypt's new administrative capital, constructed by CSCEC, is a model of sustainable development and another great example of friendly cooperation between China and Egypt. In addition to achieving the goal of sustainable development in terms of environment and employment, the project's design has prioritized environmental and security concerns by using less energy, utilizing more local materials and managing waste, according to information released by the State-owned CSCEC.

Located in a desert some 50 km east of the Egyptian capital Cairo, the CBD is home to dozens of commercial and residential buildings as well as supporting infrastructure. The project has employed 16,000 Egyptian and Chinese workers and engineers and transformed the desert into a vibrant city, said Zhou Zhencheng, minister counselor of the economic and commercial office at the Chinese Embassy in Cairo.