Egypt Daily News – The Egyptian government has officially announced that it will now allow Chinese companies operating in Egypt to register and conduct all financial transactions using the Chinese currency, the yuan, at 100%. This step reflects the depth of the strategic partnership between Cairo and Beijing.
The announcement came during the Egypt–China Business Forum, which was attended by several senior officials from both sides. Egypt’s Minister of Investment, Hassan El-Khatib, stated that “Egypt now officially allows Chinese companies to register and carry out financial operations in yuan, in coordination with the Central Bank of Egypt, opening new prospects for commercial and economic cooperation between the two countries.”
The decision marks a significant shift aimed at facilitating the foreign investment climate in Egypt, especially within the Suez Canal Economic Zone and industrial complexes. It also helps reduce dependence on other foreign currencies such as the US dollar and supports the state’s efforts to diversify funding sources and strengthen relations with its largest Asian partner.
The Minister of Investment also noted that “Egyptian investment law already allows 100% foreign ownership, and Egypt is committed to offering all possible facilitation for Chinese investors, including the ability to carry out financial transactions in their local currency, something that has already begun in cooperation with the banking sector.”
This move is expected to directly impact the volume of trade between Egypt and China, with cooperation between the two countries likely to grow in the coming years, particularly in the fields of energy, infrastructure, technology, and joint manufacturing.
The forum, held last Monday, saw the participation of 200 major Chinese companies and industrial unions from various sectors, including new and renewable energy, automotive manufacturing, textiles, infrastructure, tires, auto parts, agricultural products, machinery and equipment, home appliances and electronics, pharmaceuticals, leather products, and other key industries targeted for investment in Egypt.
