Egypt, China agree to boost economic ties, organise investment forum
Egypt and China have agreed to strengthen economic cooperation in key sectors such as electric vehicles, electronics, and artificial intelligence, and will coordinate to organise an investment promotion forum in Egypt, the Egyptian Investment Ministry said in a Monday statement.
The agreement came during a meeting in Beijing between Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib and Chinese Commerce Minister Wang Wentao.
The two sides agreed to enhance cooperation in several fields, including electric cars, feeder industries, electronics, water desalination, solar panels, and artificial intelligence. They also agreed to collaborate on strengthening supply chains.
Chinese Commerce Minister Wang Wentao praised the bilateral trade volume, which has reached $17bn, affirming that China remains Egypt's largest trading partner. He highlighted successful investment cooperation in the TEDA-Suez zone, which has attracted significant Chinese investment, alongside major projects implemented by Chinese firms, including the Iconic Tower and Central Business District in the New Administrative Capital, the electric train, and renewable energy projects.
Wang also stressed his keenness to enhance cooperation in e-commerce, infrastructure, and renewable energy.
For his part, Minister El-Khatib emphasised the importance of maximising the strategic partnership through joint investments, particularly amid global economic fluctuations. He promoted Egypt's competitive advantages, including its strategic location and numerous trade agreements, which position it as an ideal hub for production and export for Chinese companies seeking access to regional and global markets.
El-Khatib said he looked forward to an expected visit by the Chinese Premier to Egypt next month, which he said would be an opportunity to translate agreements into tangible projects. He also noted Egypt's commitment to improving its investment climate and adhering to World Trade Organization rules.
During the meeting, El-Khatib reviewed the outcomes of the ninth session of the Egypt-China joint committee held last December and proposed that the tenth session be held in Egypt this year. He stressed the importance of increasing the trade volume to reflect the depth of the two countries' economic ties.
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