Egypt can play a key role in China's "Belt and Road" initiative due to its strategic geographic location, said a senior diplomat with the Chinese embassy to Cairo. Han Bing, minister counselor for economic affairs with the Chinese embassy in Cairo, told Xinhua in a recent interview that China and Egypt have complementary pro-development policies, citing Egypt's New Suez Canal project, which is scheduled to be inaugurated in August, as "a good opportunity" to boost bilateral cooperation. Proposed by Chinese President Xi Jinping in 2013, the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, known as the "Belt and Road" initiative, aims at reviving the ancient trade route between Asia and Europe. The network threads through over 60 countries and regions, with a total population of 4.4 billion. Late last year, Egypt and China have decided to elevate their bilateral ties to the level of "comprehensive strategic partnership" during Egyptian President Abdel-Fattah al-Sisi's official visit to Beijing. The Egyptian leader hails Xi's initiative, pledging that his country will be an active part of the proposal, while Beijing also vows to support Cairo's efforts to maintain stability and growth as the nation strives to find a development path that fits its own conditions. The Egyptian government has been busy preparing to launch the "New Suez Canal." The new waterway, an alternative to the original 190-km long Suez Canal, is expected to be 72 km long. It will involve 35 km of dry digging and another 37 km of expansion and deep digging some sections of the old one. Han said port cooperation should be a priority for China and Egypt as the two sides join their hands in pushing forward the belt and road initiative. He went on explaining that the harbors at both ends of the Suez Canal, as well as Port Said and Alexanderia, are for the moment very important to China's foreign trade conduct, adding that they also have great influence over the Middle East and Africa in terms of geopolitics and global trade. The North African nation plans to open six new ports around the canal, and launch in the surrounding areas projects like a new industrial city, which is capable of hosting hundreds of factories, Han noted, suggesting that these programs can be investment choices for Chinese companies. The Chinese diplomat also said that industrial parks are another area the two countries should focus in the belt and road initiative cooperation. "Besides, a great success has been witnessed by China and Egypt in building the Economic & Trade Cooperation Zone at the Suez Canal region," Han told Xinhua. According to his introduction, the first stage of the Suez Economic & Trade Cooperation Zone project, which is overseen by China's Tianjin TEDA Group Company Ltd., has been completed. So far, the zone has attracted over 30 Chinese companies, while it has already been on its way to become the first integrated industrial complex in the Arab world, he said. He added that the second stage of the Suez zone will be even more promising, and is going to become a star-program among all industrial parks in areas that have joined the belt and road initiative, as well as a model for China's joint adventures to develop such projects with foreign nations. "The prerequisite for of all of the joint projects is the support from both the governments of Egypt and China," Han stressed. Speaking of Egypt's investment environment, the minister counselor said China's investment in Egypt has been growing steadily over the past few years, even during those chaotic periods when the country's suffered political and social upheaval. Han told Xinhua that Egypt has become increasingly secure and stable, which is an incentive for Chinese investments in the Arab country, adding that "the new Investment Law enacted by the Egyptian government to improve administrative efficiency is a good news for Chinese companies." Han added that Egypt's economic revival provides an opportunity for China to improve bilateral economic and trade cooperation with the country. The diplomat also encouraged more Chinese firms to seize the chance, and help the two countries' combined efforts in implementing the initiative. Source: Xinhua
