CAIRO, July 08, 2018 - Trade and Industry Minister Amr Nassar held a meeting Sunday with Chinese Ambassador Song Aiguo to discuss the future of co-operation between Egypt and China especially in the economic, investment and trade fields. Now is the right time to put more Chinese investments into the Egyptian market given the current political stability in Egypt and the strong relations between the two countries, Nassar said . He touched on his Ministry's efforts, in co-operation with the Ministry of Investment and International Co-operation, to improve the investment climate here, citing a new investment law that offers a raft of incentives to foreign businessmen and capital owners. Nassar said that trade relations between Cairo and Beijing had developed considerably of late. The value of Egyptian exports to China amounted to $408 million dollars in 2017 compared with $255 million dollars in 2016, an increase of 60 per cent. Egypt wants to become a trade and logistics centre for Chinese products to African and European markets, the Minister said. During the meeting, Nassar reviewed the preparations being made for Egypt's participation in the China International Import Expo, which will be held in Shanghai next November. Around 100 countries including a large number of Egyptian companies will take part in the event. This step represents a big chance for increasing Egyptian exports to China, especially as China's government had decided that Egypt would be the fair's guest of honour. The Chinese ambassador said China is keen on boosting political and economic relations with Egypt. It is important, he added, that Egypt take part in the Forum on China-Africa Co-operation (FOCAC), slated for September. It will be a good opportunity to review trade and investment opportunities between China and Africa. He said that the exchange of official visits at the presidential level between Egypt and China has contributed to establishing a new stage in the distinguished relations between the two countries. The Chinese ambassador affirmed that Egypt was a strategic partner for China in the Middle East region and Africa. It is one of the first countries that supported the Silk Road Initiative which the Chinese government is currently carrying out, he said. He said he was pleased that the China-Egypt TEDA Suez Economic and Trade Co-operation Zone could attract many investment companies to do business in the area. TEDA stands for Tianjin Economic-Technological Development Area. China-EgyptSuez Economic and Trade Co-operation Zone is located at Northwest Special Economic Zone of Gulf of Suez, adjacent to Suez Canal, and with a planned area of 10 km2, the starting area of 1.34 km2 and the expansion area of 6 km2, which aims at building a good platform for Chinese enterprises to invest in Egypt.
