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New Suez Canal gives China more investment opportunities: Egyptian diplomat

Egypt’s former ambassador to China Mahmoud Allam said in an interview with CNC that Egypt’s new Suez Canal area will give China more opportunities to invest in Egypt and other countries.

As China is promoting its “Belt and Road” initiative, which involves some 60 countries and 4.4 billion population, the project will help the initiative reach more countries in the region.

SOUNDBITE(ARABIC) MAHMOUD ALLAM, Egypt’s former ambassador to China
“Egypt decides to establish an industrial city and logistics area in the Suez Canal zone, which will attract many investors and countries, especially China. The investment in the Suez Canal area will give the Chinese side the opportunity to invest in more countries… Egypt’s geographical location is very important, so near to the European, Arab and African markets.”

The 72 km long New Suez Canal, an alternative to the original 190 km long waterway, is expected to transform a 76,000 square km area on both banks into an international logistics, commercial and industrial hub.

To be inaugurated on Aug. 6, the project is one of the key national projects that are at the heart of Egyptian government’s efforts to revive the country’s sluggish economy.

The former ambassador believes the canal zone will also facilitate investment from China, which is promoting the “Belt and Road” initiative.

SOUNDBITE(ARABIC) MAHMOUD ALLAM, Egypt’s former ambassador to China
“The initiative has now begun a practical implementation, I can see that the Chinese government has cost a lot of money to support the infrastructure projects which carried out in this area.”

The “Belt and Road” initiative threads through over 60 countries and regions, with a total population of 4.4 billion.

SOUNDBITE(ARABIC) MAHMOUD ALLAM, Egypt’s former ambassador to China
“The initiative will connect all countries together in the aspects of opening each country to the international markets. We hope that both sides win… we also hope that China will help develop Egypt’s industries.”

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