Egypt's Ministry of Trade and Industry and China's Ministry of Industry and Information Technology signed a memorandum of understanding (MOU) to further bilateral economic cooperation. One of the possibilities discussed was a proposed strategic cooperation with Chinese industrial companies working in the region through the creation of subcontracting opportunities for Egyptian companies, according to a ministry statement. Minister of Trade and Industry Rachid Mohamed Rachid met with China's Minister of Industry and Information Technology, Li Yizhong, to discuss economic cooperation between the two nations in the fields of trade and industry as well as investments in the industrial sector. They also discussed cooperation opportunities in the promotion of emerging industries and technologies such as energy conservation and environmental protection such as water purification and treatment for industries, the statement read. Rachid said the MOU “opens even more opportunities for Egyptian-Chinese cooperation and helps deepen our bilateral relationship.” They discussed industrial development policies that aim at increasing joint industrial and technological development. Both ministers also highlighted the need for more cooperation in the field of small and medium enterprise development and in the need for institutionalizing industrial training for workers. “China emerged as one of the successful models when it comes to economic and industrial development. Therefore, Egypt is extremely interested in opening as many opportunities of cooperation as possible,” Rachid said.
