H.E. Mohamed Maait, Minister of Finance, Egypt speaks to China Daily during an interview on the sidelines of the Asian Financial Forum at Hong Kong Convention and Exhibition Centre in Wan Chai on Jan 25, 2024. (ANDY CHONG / CHINA DAILY)

Egypt looks forward to cooperating with Hong Kong on many aspects, with the first being to benefit from Hong Kong’s capacity and experience as a leading financial service center in Asia and the world, said Egypt’s Minister of Finance Mohamed Maait.

He said that Hong Kong and Egypt can cooperate on double taxation treaty, a free trade agreement, investment protection, more flights, issuing bonds to the stock market, and organizing events for investors to come to Egypt.

The minister noted that Financial Secretary of Hong Kong Paul Chan Mo-po had earlier encouraged more scholarships for Egyptian students to study at universities in Hong Kong

“I see that financial services come on the top for cooperation between the two countries given that Hong Kong is a financial service hub for the world and for Asia,” he said.

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The minister’s first visit to Hong Kong left him impressed with the city’s vibrancy and fruitful outcomes of the 17th Asian Financial Forum, which surpassed his expectations, he told China Daily during the event in Hong Kong on Jan 24-25.

Maait said he is looking forward to a double taxation treaty, which can benefit Hong Kong investors who are looking for investments in Egypt and Egyptians who want to work with Hong Kong.

Moreover, he said he hopes a free trade agreement between Egypt and Hong Kong can be achieved, the possibility of which needs to be further explored.

“Hong Kong has a lot of incentives to attract more investment,” he said.

“You have one of the lowest tax rates (in Hong Kong) … you have more incentives to facilitate business here in Hong Kong, and to operate from Hong Kong, which is very important I believe.”

Egyptian investors can also use Hong Kong to link between Egypt and China, he added.

The minister noted that Financial Secretary of Hong Kong Paul Chan Mo-po had earlier encouraged more scholarships for Egyptian students to study at universities in Hong Kong. 

Maait said he hopes to attract more Chinese tourists to Egypt. “This will mean that we have to facilitate this possibility, and number one is to have direct flights between Cairo and Hong Kong,” he added.

He said that Hutchison Ports is a Hong Kong company that is now operating in port development and operations in Egypt.

Egypt looks forward to a bigger role as a fulcrum for a stronger, better relationship of China with Arab and Middle Eastern countries, bringing opportunities that will benefit both sides, according to the minister

“I believe we can cooperate also on how to have some sort of technical assistance between Egypt and Hong Kong, particularly on using technology, taxation system, and customs system and ensuring clearance of goods at our ports are moving fast,” he said, adding that Hong Kong is among the top cities in these areas of cooperation with Egypt.

He said that since last year, officials of both the Hong Kong Special Administrative Region and Egypt have visited each other.

Also, Hong Kong can be used to raise more money and to encourage investors to come and see opportunities to invest more in Egypt, he said.

The minister praised the Hong Kong stock exchange as one of the most advanced in the world. 

Maait said that he also discussed with Hong Kong Secretary for Financial Services Christopher Hui Ching-yu the possibility of Egypt issuing bonds in local currency in Hong Kong, which can help connect Egyptian investors across all of China.

“I believe that there will be good opportunities that the stock markets in Hong Kong and in Asia,” he said, “We can cooperate further and can have some sort of memorandum of understanding so we can benefit from their cooperation in achieving the objectives of not only raising funds but also in technical support.”

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Another area of cooperation, he said, is the protection of investment agreements between Egypt and China, including the Hong Kong SAR, which can also facilitate more investment.

Egypt looks forward to a bigger role as a fulcrum for a stronger, better relationship of China with Arab and Middle Eastern countries, bringing opportunities that will benefit both sides, according to the minister.

Thanks to the Belt and Road Initiative, Egypt now has a high-level and fast-growing collaboration with China, he noted.

Contact the writers at vivienxu@chinadailyapac.com