CAIRO - An atmosphere of optimism dominated the China-Egypt business meeting in Cairo this week, held at a critical time when the Egyptian economy is suffering because of the political turmoil in the country. The meeting on Tuesday was attended by Egyptian and Chinese businessmen and officials, who discussed ways to boost business between the two countries. The meeting, that witnessed the participation of Fu Ziying, Chinese Vice-Minister of Industry and Foreign Trade, and Egyptian Minister of Trade and Industry Samir el-Sayyed include the signing of an MoU between the China Development Bank, the Commercial International Bank of Egypt and CI Capital Holding Egypt, in order to facilitate bilateral economic co-operation between the two countries. Chinese Ambassador in Egypt Song Aiguo noted that the timing of the meeting was very important, with Egypt undergoing significant changes that will lead to more fruitful co-operation between the two countries. "After the revolution, I think that obstacles to development in Egypt will be removed," said the diplomaat, who urged Chinese. Aiguo put that the Egyptian-Chinese trade in 2010 at $7 billion, while investments reached around $350 million. "But still the potential for co-operation between the two countries is far greater.” In his address on the occasion, Fu Ziying said that trade between the two countries has increased by about 60 per cent per year over the past three years, while the setback in economic relations over the past three months is something temporary. “The setback will soon be overcome and our economic relations will be even better than before,” he said. Fu suggested that Egypt should participate more in different industrial fairs held in China, making it easier for Chinese businessmen to learn more about Egypt's potential. At the same time, he urged Chinese businessmen to seriously study the Egyptian markets. "Co-operation between financial organisations in the two countries will improve, thereby encouraging investments," he added. El-Sayyed, the Egyptian Minister of Trade and Industry, stressed the Egyptian Government's commitment to free economy policies, while taking into account social justice, adding that Egypt wants to expand Egyptian-Chinese relations in future, while working to attract more investments. These investments will have a double value, because they will facilitate the transfer of technology and knowhow. Although he hasn't been able to achieve even 20 per cent of his target business in the past three months, Hussein Abdel-Moneim, the vice-president of a telecommunication company, is sure that everything will be all right soon. "The revolution will make many things better; it's only a matter of time," he said. "In the coming days we should concentrate on the transfer of technology and attracting investments, not depending only on exporting raw materials."
