ECEA to grow AI and tech industries investments in Egypt

The newly launched Egyptian-Chinese Entrepreneurs Association (ECEA) will target the expansion of AI an tech industry investments in Egypt, confirmed Amre Moussa, the former secretary-general of the Arab League and honorary president of the organisation.

In line with Egypt’s strategy that focuses of boosting the national economy and fostering foreign investments in the country, a ceremony was held at the New Administrative Capital to launch the ECEA.

Dignitaries included finance minister Mohamed Maait, public business sector minister Mahmoud Esmat, chief executive of the Egyptian Sovereign Fund (TESF) Ayman Soliman, and ECEA president Omar Wang.

Maait described the ECEA as a fresh platform for an effective and sustainable dialogue between the business communities in Egypt and China. It aims to explore more investment opportunities in areas of priority to the state that are closely related to Egypt’s Sustainable Development Goals agenda.

That includes the promising opportunities in field of green transition, renewables, scientific research.

The minister also asserted the importance of the Suez Canal Economic Zone (SCZONE) in terms of reinforcing China’s Silk Road Initiative, particularly through the Egyptian Chinese Zone for Economic and Trade Cooperation, thus contributing to boosting utilising the Suez Canal strategic zone as a logistic-economic hub.

“The government of Egypt, in collaboration with the Chinese embassy in Egypt, was eager to establish the ECEA with an aim of creating a platform for a continuous connection to discussing avenues of a fruitful and constructive cooperation in line with the increasing keenness from the two sides to boost the strategic partnership.

“Through launching ECEA, we are looking forward to jointly working to eliminate any kind of investment obstacles and attracting more of Chinese investments into the Egyptian market”, said Maait.

Moussa noted that the association will grow relations between the two countries. Also, investments between the two countries will support the latest trends in the tech, digital, artificial Intelligence (AI) and environmental industries.

Meanwhile, the head of ECEA’s board of trustees, Magd El-Din El-Manzalawy, adds: “ECEA targets seizing the ongoing robust ties between the two countries to improve the collaboration between the business communities between the two countries, particularly under the Silk Road initiative, and create a good climate for Chinese investments, as well as benefitting from these relations in boosting the Chinese industries in the Egyptian market and achieving Egypt’s vision and strategy of localising industries of priority.”

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