China-Egypt economic cooperation yields fruitful results, mutual benefit: forum

Published: January 08,2023

The pragmatic economic cooperation between China and Egypt has yielded fruitful results and mutual benefit in recent years, Chinese and Egyptian officials said at a bilateral forum held in Cairo.

Organized by the Chinese Chamber of Commerce in Egypt and the Egyptian-Chinese Friendship Association on Thursday, the China-Egypt Economic and Investment Forum was attended by more than 290 officials and entrepreneurs from the two countries, who discussed “golden opportunities” for bilateral economic and trade cooperation covering new energy, infrastructure, manufacturing and automotive industry, among others.

“The pragmatic cooperation between China and Egypt has achieved a historic leap in recent years, as China has been Egypt’s largest trading partner for nine consecutive years,” Chinese Ambassador to Egypt Liao Liqiang said at the forum.

China is one of the countries with the most active and fastest-growing investment in Egypt in recent years, he added.

Speaking of China-Egypt TEDA Suez Economic and Trade Cooperation Zone, Liao said the zone has attracted 134 Chinese enterprises to settle in and provided job opportunities for more than 50,000 Egyptians, constituting an important platform for investment and technological cooperation between the two countries.

In addition, Chinese financial institutions have provided more than 10 billion U.S. dollars in funding to Egypt in support of a large number of key projects in the North African country, according to the Chinese ambassador.

Chinese companies have also undertaken the Central Business District project in the new administrative capital city and built the light rail transit system for 10th of Ramadan City, Liao said.

“These fruitful results fully demonstrate that the economic and trade cooperation between China and Egypt is mutually beneficial in nature,” he noted.

For her part, Egyptian Minister of Planning and Economic Development Hala Al-Saeed highlighted the success of the two countries in strengthening the bilateral economy and investment in the face of international and regional challenges.

“China has an inspiring development experience characterized by a great deal of inclusiveness in economic and social aspects, through which the Chinese economy has achieved great successes, especially in driving industrialization, increasing exports, attracting domestic and foreign investment, and maintaining high and sustainable economic growth,” the minister said.

Amr Moussa, former secretary-general of the Arab League and honorary chairman of the Board of Trustees of the Egyptian-Chinese Businessmen Association, also pointed to the mutually beneficial cooperation between Egypt and China, “which gives impetus to future cooperation between the two countries.”

Waleid Gamaleldien, chairman of Egypt’s Suez Canal Economic Zone (SCZone), said the Suez Economic and Trade Cooperation Zone has become a model of China-Egypt cooperation, as the more than 130 Chinese companies in the zone that operate in different fields have played a significant role in major projects in Egypt.

“We intend to launch a promotional tour to China this year to highlight what has been achieved in the infrastructure in the SCZone to attract more Chinese investments,” Gamaleldien told Xinhua.

Xinhua