Chinese amb. in Cairo: TEDA cooperation zone with Egypt achieves breakthrough
CAIRO - 22 April 2025: Chinese Ambassador to Egypt Liao Liqiang announced that China-Egypt TEDA Suez Economic and Trade Cooperation Zone (TEDA) has recently achieved significant momentum on the financial level as first loan in renminbi worth 220 million yuan has been successfully disbursed to bank roll expansion work of second phase of the zone.
The Japanese ambassador said in a tweet on X Tuesday: China-Egypt TEDA Suez Economic and Trade Cooperation Zone has succeeded in attracting 185 companies, with total investments exceeding dlrs 3 billion and sales value exceeding dlrs 5.3 billion, while tax payments amounted to about dlrs 300 million and provided nearly 10,000 direct job opportunities.
Liao added the area is currently an exemplary leading model of successful industrial cooperation between Egypt and China.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
an hour ago
- Daily News Egypt
EU, China agree on rare earths, climate but divisions remain on trade, Ukraine
The European Union and China agreed at their 25th summit in Beijing on a new mechanism to help facilitate the export of rare earth elements and issued a joint statement on combating climate change, but divisions over issues including bilateral trade and the Russia-Ukraine conflict will require further talks to be addressed. The issue of rare earth metal supply chains has become an increasingly significant topic in global discussions. During a high-level meeting with Chinese President Xi Jinping on Thursday, European Commission President Ursula von der Leyen said the EU was 'not seeking to decouple or cut supply chains with China, and welcomes Chinese companies to invest and do business in Europe'. Following the summit, von der Leyen elaborated on the new agreement at a press conference in Beijing. 'We have agreed on an enhanced export supply mechanism. In other words, if bottlenecks arise, this mechanism can immediately intervene to examine and solve the problem or issue at hand,' she said. Chinese customs data shows that China's magnet exports to the EU accounted for about half of its total shipments in June, the highest rate this year, with more licences having been granted in accordance with laws and regulations. Earlier, during a European tour on July 3, Chinese Foreign Minister Wang Yi said that 'the export of rare metals will not become a contentious issue between China and the European Union'. He added that it is the right and international responsibility of any sovereign state to impose necessary regulations on dual-use goods, which can be used for both civilian and military purposes. Wang also noted that the Chinese government had established a 'fast-track' mechanism to facilitate exports to European companies. Feng Chongping, director of the Institute of European Studies at the Chinese Academy of Social Sciences and president of the Chinese Society for European Studies, said: 'The Europeans always talk about 'de-risking', but they immediately follow it with 'no to decoupling', because decoupling is impossible.' He added that the two sides share deep economic interests. 'The European economy cannot do without China. Europe, as China's second-largest trading partner, is one of its most important export markets.' A 'crucial juncture' or a 'turning point'? The European Chamber of Commerce in China on Friday welcomed the outcomes of the EU-China summit, saying in a statement that the meeting had 'exceeded expectations'. It highlighted several positive developments, including the joint statement affirming a mutual commitment to combating climate change and the establishment of the enhanced export supply mechanism. Jens Eskelund, president of the European Chamber of Commerce in China, said the 50th anniversary of the establishment of diplomatic relations between the EU and China presented an opportunity not only to acknowledge successes but also to conduct a 'maintenance check' on the relationship. During the summit in Beijing on July 24-25, held to mark the 50th anniversary of diplomatic relations, President Xi said that China-EU relations had reached 'another crucial juncture in history', while von der Leyen described the relationship as being at a 'turning point'. On the same day, China's Ministry of Foreign Affairs announced that the two sides had reached several important agreements, particularly in the fields of climate change and export controls. Croatian Foreign Minister Gordan Grlić Radman, during a visit to China before the summit, said that competition exists, 'but cooperation is the only option to ensure the future of the next generations'. 'There may be differences between China and the European Union, but we need dialogue to keep communication channels open and achieve a balanced, equal and mutually beneficial relationship by reducing trade and investment barriers,' he added. China's ambassador to the EU, Cai Run, said that 'some frictions are inevitable, but resolving differences requires political sincerity and strategic resolve', stressing that economic and trade cooperation remains the cornerstone and main driver of China-EU relations. Division over the war in Ukraine European leaders often view their relationship with China through the prism of the Russia-Ukraine war. On July 21, China's foreign and commerce ministries condemned unilateral EU sanctions on Chinese banks and companies over Russia, vowing to take necessary measures to protect their legitimate rights. In February, Foreign Minister Wang Yi reiterated that China-Russia relations are characterised by 'not being an alliance, not a confrontation, and not targeting any third party'. When asked about European pressure on China to stop buying gas from Russia, Wang questioned: 'If China does not import oil and gas from Russia, how can it meet the needs of more than 1.4 billion people?'. Feng Chongping noted that moving forward in China-EU relations cannot ignore problems and challenges, but said that some European media and analysts focus only on the negatives. 'These challenges and problems actually show where the common interests between China and the EU are concentrated,' he said. Climate change and technology Following the summit's conclusion, von der Leyen posted on X, formerly Twitter: 'China-EU cooperation on climate can set a global benchmark, and we will work together to make COP30 a success'. On Friday, United Nations Secretary-General António Guterres welcomed the commitment by China and the EU to deepen cooperation on tackling climate change and supporting a just global transition. On the same day, Chinese foreign ministry spokesman Guo Jiakun praised the joint statement on climate, considering it an expression of a shared commitment to addressing climate issues and promoting green development. 'Although the EU sees great competition with China, China is considered an indispensable partner on the climate file,' Feng Chongping said in an interview, confirming that cooperation between the two sides in this area is proceeding well. In the joint statement, China and the EU pledged to accelerate the global deployment of renewable energy, promote the flow of high-quality green technology and products, and make them available, affordable and suitable for all countries, including developing nations. The two sides also agreed to enhance bilateral cooperation in areas such as energy transition, climate change adaptation, methane emissions control, carbon markets, and green and low-carbon technologies. Both parties committed to submitting their 2035 Nationally Determined Contributions (NDCs) before the UN Climate Change Conference, COP30. The joint statement did not mention the United States, which is set to withdraw from the Paris Agreement again in January 2026 after the re-election of President Trump and his administration's submission of a formal withdrawal request.
See - Sada Elbalad
6 hours ago
- See - Sada Elbalad
Amb. Ahmed Abu Zeid: Egypt-EU Partnership as Model for Cooperation & Development in Middle East
Interview by Mohamed Wadie In the context of the extensive and complex relations between Egypt and the European Union, which have roots spanning decades, Ambassador Ahmed Abu Zeid's role in Brussels stands out as a central link between Cairo and Brussels. These relations, considered a model of comprehensive strategic partnership, cover diverse fields including economy, security, culture, and education. In our interview with Ambassador Ahmed Abu Zeid, we review the depth and dimensions of this partnership, highlight key milestones in its development, and discuss the challenges and opportunities it faces amid current geopolitical and economic changes. Egyptian-European Relations: A Historical Continuity and Diverse Fields of Cooperation Ambassador Ahmed Abu Zeid explains that the relations between Egypt and Europe are not a recent development but are deeply rooted historically and extend over many decades, covering numerous areas such as economy, security, culture, and migration. These relations were founded on the Egypt-European Partnership Agreement signed in 2004, which established specialized committees covering trade, transport, migration, as well as technological and educational issues. The importance of continuous political dialogue is also emphasized through the Joint Cooperation Council between the Egyptian Foreign Minister and the EU High Representative for Foreign Affairs and Security Policy. The Comprehensive Strategic Partnership: A Turning Point A decisive turning point came last year with the signing of the comprehensive strategic partnership, which elevated the level of relations between Egypt and the European Union to new heights. This partnership is granted to only a limited number of countries, confirming Egypt's importance as the first country in the Middle East and North Africa to receive this distinguished status, reflecting Egypt's pivotal role for the EU and vice versa. European Financial Support to Egypt: A Comprehensive Package for Economic Stability Ambassador Abu Zeid focuses on the financial support package decided by the EU for Egypt under this partnership, totaling 5 billion euros, including 1.8 billion euros in direct financial support, investment guarantees, and grants for migration projects amounting to 200 million euros. The package is divided into two tranches: the first tranche (1 billion euros) was disbursed at the end of last year, and the second (4 billion euros) was recently approved by the European Parliament and the European Council to begin disbursing before the end of this year. This support comes at a critical time amid global and regional economic crises, including food and energy crises and maritime security tensions affecting the Suez Canal and Egypt's economic returns. The disbursement is contingent on a comprehensive economic reform program done in cooperation with the IMF, which required extensive negotiations with European parliamentarians to ensure proper management that benefits Egypt and the region. Geopolitical Challenges and Their Impact on Egyptian-European Cooperation The ambassador points to regional and global challenges facing both Egypt and the EU, such as conflicts in the Middle East, peace crises, and the Russia-Ukraine war, which have caused disruptions in supply chains, energy, and food. These crises require multilateral diplomatic dialogue to maintain stability and peace, demonstrating the importance of the strategic partnership in confronting shared challenges. He also stresses the need for the European Parliament to understand Egypt's regional role in supporting peace and conflict resolution, which builds credibility and growing support for these relations. Future Prospects: The Upcoming Summit and Partnership Dynamics Egypt and the EU view the coming period as an opportunity to strengthen the partnership, especially with the first summit within the framework of the comprehensive strategic partnership, expected to create strong dynamics in relations and rearrange priorities and political, economic, and security interests for both parties. This summit comes at a time when the region and the world face complex challenges that require combined efforts amid financial and debt crises, international law challenges, and security and economic issues. This dialogue reflects a clear vision and confidence in the depth of the Egypt-EU partnership, founded on shared interests and mutual support in facing contemporary challenges. Ambassador Ahmed Abu Zeid, with his extensive diplomatic experience, provides an objective and comprehensive picture of today's Egypt-European relations and their vital future. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Egypt Independent
10 hours ago
- Egypt Independent
An emboldened China eyes more concessions from US at Stockholm trade talks
Hong Kong — For the third time in as many months, US and Chinese officials will meet in Europe for trade talks — and this time, Beijing is arriving at the negotiating table more emboldened than ever. Its firm grip on strategic minerals has compelled the Trump administration to roll back some export curbs on China, including a stunning reversal of the ban on sales of a key Nvidia AI chip. Meanwhile, the Chinese economy has delivered better-than-expected growth months into the trade war, according to government data, posting a record trade surplus that underscores the resilience of its exports as they pivot away from the US market. And just a few days ago, Beijing reinforced its tough posture at a key summit with the European Union, offering little to address the bloc's concerns spanning from trade imbalances to the Ukraine war. When a new round of talks begins in Stockholm on Monday, Chinese negotiators led by Vice Premier He Lifeng are expected to greet their American counterparts with fresh confidence in Beijing's uncompromising, hard-edged approach – and a growing appetite for further US concessions. Treasury Secretary Scott Bessent, who's leading the US delegation, said before the talks in the Swedish capital that the two sides would be working out a 'likely' extension of their trade truce, which currently expires on August 12. The 90-day reprieve, struck at a May meeting in Geneva, held back three-digit tariffs imposed in April that threatened to cut off trade between the world's two biggest economies. The truce was pulled back from the brink of collapse with further talks in London in June, after each side accused the other of reneging on its promises. And now, the Stockholm talks may offer clues as to how much longer that detente can hold – and whether the two countries can further bring down remaining tariffs and address other thorny issues, such as tech restrictions, as they work toward a lasting deal. The latest round of negotiations follows Donald Trump's recent flurry of trade deals with the United Kingdom, Japan, and other trade partners, part of the global tariff war he launched earlier this year. But the US President appears to have dialed down his confrontational approach on China, and has spoken enthusiastically about visiting the country at the invitation of its leader Xi Jinping in the 'not too distant future.' The Nvidia Corp.'s logo on the company's Blackwell GPU chip displayed at the Nvidia AI Summit Japan in Tokyo, Japan, on November 13, 2024. Akio Kon/Bloomberg/Getty Images Josh Lipsky, chair of international economics at the Atlantic Council, said a stopgap agreement was the most likely outcome this week. 'Right now, all signs point to another 90-day continuation where tariffs remain at 30% and negotiations continue – with the likelihood of a Trump-Xi meeting in the fall,' he said, referring to the level of Trump's second-term levies on Chinese goods. 'But just as we learned in the spring, the situation can turn on a dime and whether it's the exit bans or another flash point, this is a fragile ceasefire.' It was recently revealed that a US Commerce Department employee and a Wells Fargo executive have been banned from leaving China by the Chinese authorities, casting a shadow over the talks. US Commerce Secretary Howard Lutnick denounced the ban as 'outrageous.' Nevertheless, Bessent struck a positive tone when announcing the latest round of negotiations, saying 'trade is in a very good place with China.' 'I think we've actually moved to a new level with China, where it's very constructive,' he told Fox Business on Tuesday. Bessent said the two countries would also discuss China's purchase of 'sanctioned' oil from Russia and Iran. On Thursday, Lutnick said the proposed spinoff of popular short-video app TikTok's operation in the US, which is awaiting Beijing's approval, would be part of the discussions as well. For their part, Chinese officials have kept the agenda of the talks vague. In a statement last week, the Commerce Ministry said the two sides will 'continue consultations on economic and trade issues of mutual concern, guided by the principles of mutual respect, peaceful coexistence, and win-win cooperation.' Chinese Vice Premier He Lifeng at the opening ceremony of the third China International Supply Chain Expo in Beijing, China on July 16, 2025. Florence Lo/Reuters Key asks from Beijing For Beijing, a central focus of this week's negotiations are the remaining US tariffs on Chinese imports, according to Chinese experts. At about 55%, the tariff includes a 10% 'reciprocal' tariff the US placed on trade partners in April, 20% levies imposed on China for what Trump said was its role in the flow of illegal fentanyl into the US, and pre-existing duties, according to the White House. Chinese experts say a key priority for Beijing is to seek the removal of the 20% fentanyl-related tariffs. Last month, China announced it would add two more fentanyl precursors to its list of controlled substances, and placed nitazenes – a class of powerful synthetic opioids – on another list of controlled drugs. He Weiwen, a senior fellow at the Center for China and Globalization, a Chinese think tank, told the state-run Global Times that the key focus of this round of talks is to build on agreements reached in previous talks, and push for more 'tangible results.' 'The first priority is resolving the remaining tariff issues, particularly those imposed by the US under the pretext of fentanyl, and the second surrounds how China and the US can further deepen economic and trade cooperation,' said He, who previously served as a diplomat to the US. Beijing may also ask Washington to further roll back technology export controls it has previously imposed on China, including the blacklisting of hundreds of Chinese companies under the Commerce Department's Entity List for trade restrictions, according to Wu Xinbo, director of the Center for American Studies at Fudan University in Shanghai. During his first term, Trump began placing tech restrictions on Chinese firms including national tech champion Huawei. His successor, former President Joe Biden, followed up by broadening the scope of the curbs to a wide swath of categories. 'After this period of US-China rivalry, the US side has come to realize that China holds significant cards – and more importantly, is willing to play them when necessary,' said Wu, who is an adviser to China's foreign ministry. The cards, he explained, refer to America's reliance on China's supply chain, including but not limited to rare earths minerals and magnets – needed for everything from everyday electronics and vehicles to fighter jets. Countless containers stand at the Tollerort container terminal in the port of Hamburg, on July 9, 2025. Marcus Brandt/dpa/Marcus Brandt/picture-alliance/AP At the height of the trade war with the US in April, China leveraged its global dominance in the rare earths supply chain and put new licensing requirements on the exports of seven types of rare earth minerals and several magnets. The significant decline in rare earth exports from China, despite the trade truce reached in May in Geneva, reignited tensions, prompting Trump to take 'countermeasures,' including export controls on chip software, ethane and jet engines. The renewed spat calmed only after the London meeting last month, when Beijing agreed to allow the flow of rare earths and Washington decided to lift its export restrictions. But China has learned the value of its leverage on US. Wu said the country's leverage goes beyond rare earths to – among other things – drone and electric vehicle battery supply chains, where China plays a significant role. The divestment of TikTok US from its Chinese owner ByteDance, which is subject to Beijing's approval, is another card, he said. 'In the past, we didn't consciously use these cards. Now, I believe China will increasingly take the initiative to consider playing them,' he said. On Tuesday, Bessent said he intended to warn Beijing over its continued purchase of sanctioned Russian and Iranian oil, as well as its support for Russia's war against Ukraine. Trump has previously threatened 100% secondary tariffs on goods from countries that continue buying Russian oil, namely China and India, and legislation to that effect has been gaining momentum. Wu said China is unlikely to entertain such a tariff threat and stop importing oil from Russia or Iran, but he said Beijing is aware that the US may leverage the threat, to force its cooperation on issues such as the Russia-Ukraine conflict and talks with Iran.
