Sisi urges more Chinese investments in Egypt

Visiting Egyptian President Abdel Fattah El Sisi urged Chinese investors to boost their investments in Egypt.
Egypt provides all support to the Chinese investors to expand their business in Egypt, Sisi said in his speech before the Egyptian-Chinese business council.
Egypt represents a fundamental mainstay in the initiative to revive the ancient China's Silk Road trade route thanks to its strategic location, he added.
He, meanwhile, said that Egypt is in need of additional 20,000 megabytes of electricity and energy to cope with the necessary expansions.
The Egyptian president further said that the national economy was in a very difficult condition and Egypt's credit rating was lowered, besides the slowdown of foreign investments in Egypt.
"Egypt seeks to flourish its national economy through implementing reforms," Sisi said, adding that several steps will be taken to reduce energy subsidies, increase economic efficiency and provide new jobs.
The government is implementing a plan for urban development in Egypt, including the development projects of Suez Canal, North West Coast along with the Golden Triangle, he further said.
He also pointed out to the one-year deadline to complete the drilling of the Suez Canal, a matter which will reduce trips of cargo ships by eight hours.
Sisi also said that the Egyptian people are supporting reforms by the government, adding that the targeted funds from selling the Suez Canal investment certificates was achieved in eight days.
The government seeks to lure investments worth 10 billion pounds and more, Sisi said, stressing the importance of regaining the confidence of investors.
Sisi added that the government has finalized formulating the unified investment law, protecting foreign investments, reducing bureaucracy and improving investment climate.
Also, 16 government disputes with investors have been settled through international arbitration in six months in order to regain the investors' confidence, he said.
Sisi also invited China to take part in the economic conference, which will be held in Sharm el-Sheikh in March to set up a strategic partnership between Egypt and world countries.
China has a real opportunity to carry out investments in Egypt, Sisi went on to say.