Ties between Beijing and Cairo should be boosted because the two share complementary pro-development policies and the North African country will play a crucial role in the Silk Road Economic Belt and the 21st-Century Maritime Silk Road initiative often known as the Belt and Road.
The remarks were made by Han Bing, counselor for economic affairs at the Chinese embassy in Cairo, who announced that Egypt officially joined the Silk Road Economic Belt trade union last week and will be represented by the Egyptian Businessmen Association (EBA). The Silk Road Economic Belt trade union musters 92 Chinese and foreign associations.
Ties between the two countries were upgraded to “comprehensive strategic partnership” during President Sisi’s visit to Beijing at the end of last year and his Chinese counterpart Xi Jinping promised to support Egypt’s efforts to maintain stability and sustain growth.
The Chinese diplomat told Xinhua that “a great success has been witnessed by China and Egypt in building the Economic & Trade Cooperation Zone at the Suez Canal region” and believes that the New Suez Canal project that is expected to be completed during the summer presents “a good opportunity” for bilateral cooperation to be reinforced.
China is currently the 24th country with the highest investments in Egypt with around 1220 companies operating in the country. Han thinks that “the new Investment Law enacted by the Egyptian government to improve administrative efficiency is good news for Chinese companies.”
EBA executive director Mohamed Youssef said Chinese President Xi Jinping disclosed that China targets to raise $2.5tn in trade volume to the Silk Road trade union in 10 years and added that Beijing wants the Suez Canal to be included in the project. The project’s network passes through more than 60 countries and regions, with a total population of 4.4 billion.