Latest news with #China-Egypt
The Star
a day ago
- Politics
- The Star
China, Egypt eye stronger Global South cooperation via SCO
CAIRO, July 21 (Xinhua) -- The Chinese Embassy in Egypt and the Egyptian Council for Foreign Affairs on Sunday jointly held a seminar in Cairo, emphasizing the steady advancement of China-Egypt relations within the framework of the Shanghai Cooperation Organization (SCO). The event brought together senior diplomats, foreign affairs experts, and media representatives from both countries. In his keynote address, Chinese Ambassador to Egypt Liao Liqiang pointed out that Egypt is a dialogue partner of the SCO, welcoming Egypt's active participation in various SCO activities. He said he expected China and Egypt to forge close coordination and cooperation under the framework of the SCO, and promote bilateral relations towards the goal of building a China-Egypt community with a shared future in the new era and contributing to world peace and development. The guests at the meeting praised the booming Egypt-China relations and the role played by the SCO. They expressed hopes that Egypt and China could seize the development opportunities offered by the SCO to work together to improve global governance and promote the revitalization of the Global South. Ezzat Saad, director of the Egyptian Council for Foreign Affairs, who presided the seminar, told Xinhua that Egypt has always been committed to strengthening cooperation with China, both at the bilateral level and within the framework of the SCO. "We believe that the SCO is an important platform for promoting the development of Egypt-China relations. Egypt looks forward to further deepening political and economic cooperation among the countries of the Global South based on the initiatives proposed by China," he said.
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
SCO partnership supports Egypt's modernization, regional stability: Chinese ambassador
The Chinese Embassy in Cairo hosted a seminar on Sunday under the theme 'Development and Impact of the Shanghai Cooperation Organization (SCO): Upholding the Spirit of Shanghai Cooperation and Advancing China-Egypt Relations with Steady Steps.' Chinese Ambassador to Cairo Liao Liqiang spoke about the SCO's evolution and its growing relevance for Egypt, emphasising China's commitment to strengthening cooperation between the organization and the Egyptian government. Founded in 2001 in Shanghai by China, Russia, Uzbekistan and other countries, the SCO has expanded from six founding members to ten, alongside observer states and partner countries. Liao highlighted that the organization is now the world's largest comprehensive regional body in terms of member states' population, land area and geographic reach—spanning Asia, Europe and Africa. The ambassador noted that Egypt became a dialogue partner of the SCO in 2022, enabling it to participate in all related dialogues and initiatives. 'The organization strives for justice and fairness—principles clearly reflected in its charter, which emphasises respect for different civilizations, shared development, dialogue, sovereignty, and resolving disputes through consultation,' he said. He added that the SCO promotes mutual benefit and regional security through confidence-building measures among member states, covering areas such as security, defence, border protection, intelligence cooperation, and countering terrorism, separatism and extremism. 'We want to strengthen cooperation with Egypt in combating terrorism,' Liao stated, underlining that the organization also supports economic growth both for its members and globally. Such cooperation, he noted, contributes to Egypt's modernization process, creates economic opportunities, and fosters dialogue between Egypt and other countries, aligning with the aspirations of the Egyptian people. This year, the SCO has prioritised sustainable development, and will hold a major summit from late August to early September expected to attract a wide range of global participants. The summit aims to enhance mutual political trust, increase trade exchanges, and boost the efficiency of cooperation mechanisms. Egypt's accession as a dialogue partner also reflects the organization's expansion into Africa and its commitment to deeper cooperation with the continent. Highlighting recent diplomatic milestones, Liao described the visit of Chinese Premier Li Qiang to Egypt as 'historic and highly significant.' It was the first visit by a Chinese premier to Egypt in 16 years and Premier Li's first stop on his inaugural trip to Africa. The ambassador said the visit demonstrates the keen interest of Chinese President Xi Jinping and the Chinese government in strengthening ties with Egypt. During his visit, Premier Li held discussions and exchanged views with Egyptian Prime Minister Mostafa Madbouly, which Liao said further reinforced the partnership between the two countries, especially given the current regional and global context.
The Star
7 days ago
- Business
- The Star
Egypt, China sign deal for flagship industrial zone expansion
CAIRO, July 16 (Xinhua) -- Egypt and China signed on Wednesday a deal for the expansion of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, with Chinese developer TEDA set to invest 100 million U.S. dollars in infrastructure to develop an additional 2.86 square kilometers at the Suez Canal Economic Zone (SCZone). The deal was signed between the SCZone, the Main Development Company (MDC), and TEDA Egypt in a ceremony attended by Egyptian Prime Minister Mostafa Madbouly, the Egyptian cabinet said in a statement. The expansion comes as TEDA nears completion of its previously allocated 7.34 square kilometers in Ain Sokhna area at the SCZone, bringing the total area of its industrial zone to more than 10 square kilometers, according to the statement. The 100-million-U.S.-dollar infrastructure investment is expected to help attract more diverse industrial investments and support the SCZone's goal of building integrated and sustainable industrial communities. Madbouly stressed "the importance of this cooperation in accelerating industrial development within the SCZone, whose capabilities qualify it to become one of the most important manufacturing and logistics hubs in the region." He said Egypt is working to strengthen partnerships with local and foreign private sectors to drive development and create jobs, praising the SCZone's achievements that have fueled developers' desire for further expansion. Established in 2008, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has become one of the SCZone's most prominent industrial hubs, having attracted 185 companies and over 3 billion U.S. dollars in cumulative investment. SCZone chairman Waleid Gamal Eldien said that the TEDA expansion "represents a new platform for localizing targeted industries within the zone and contributes to attracting more Chinese companies seeking access to regional and global markets." He noted that the SCZone has attracted Chinese investments exceeding 4 billion U.S. dollars over the past three years, adding that "the mutual trust between both sides and their shared goals pave the way to double this figure in the coming period." Cao Hui, executive director of Egypt-TEDA SEZone Development Company, told Xinhua that TEDA is committed to high-quality development in line with the Belt and Road Initiative and continues to advance the strategic upgrading of the TEDA zone. TEDA plans to fully develop the expanded area within 2 to 3 years, focusing on attracting high-end manufacturing enterprises, including those in new energy, new materials, automobiles and spare parts, and fine chemicals, Cao added.
South China Morning Post
7 days ago
- Business
- South China Morning Post
China looks to Africa as testing ground for global roll-out of yuan
China appears to be positioning Africa as a testing ground for internationalisation of the yuan as it seeks to expand the currency's global use and break the dominance of the US dollar. During a recent meeting in Cairo, the central banks of China and Egypt signed a series of agreements to promote the use of the yuan in trade and investment. These deals – lauded by People's Bank of China governor Pan Gongsheng as a key step in advancing economic ties – were signed last week during Chinese Premier Li Qiang's visit to Egypt. They will explore a currency swap as well as panda bonds in yuan issued by overseas companies in mainland markets. The deals also cover cooperation on electronic payments, including expanding China's UnionPay services and facilitating cross-border business in yuan for banks in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone near the city of Suez. That will be done via local currency settlements made through the Cross-border Interbank Payment System, or CIPS – China's alternative to the SWIFT international payment network. Deals signed last week include facilitating cross-border business in yuan for banks in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone near the city of Suez. Photo: Handout Egypt joins a growing list of African nations that have yuan-based deals with China, including South Africa, Nigeria and Angola which are all exploring or implementing the use of the Chinese currency for trade and financial transactions.
Al-Ahram Weekly
16-07-2025
- Business
- Al-Ahram Weekly
Egypt and China: A decade of strategic partnership - Economy - Al-Ahram Weekly
Economic cooperation and the strategic partnership between Egypt and China reached new levels following the visit of Chinese Premier Li Qiang to Cairo last week Egypt and China signed a handful of cooperation deals last week in the areas of finance, e-commerce, green and low-carbon development, development assistance, and health. The signatures came during the two-day official visit of the Premier of the State Council of China Li Qiang to Cairo on 9-10 July. During his visit, Li met with President Abdel-Fattah Al-Sisi and Speaker of the House of Representatives Hanafi Gebali and held extensive talks with Prime Minister Mustafa Madbouli. President Al-Sisi reaffirmed Egypt's commitment to enhancing cooperation with China in various sectors of mutual interest and working to activate the comprehensive strategic partnership between the two countries, especially with the upcoming celebration, to be held in 2026, of the 70th anniversary of the establishment of diplomatic relations between Egypt and China. He also commended the contributions of Chinese companies to Egypt's development projects, expressing Egypt's eagerness to attract further Chinese investments, especially in the sectors of renewable energy, electric vehicle manufacturing, and tourism. President Al-Sisi underscored Egypt's interest in promoting cooperation with China in manufacturing, development, and debt swap mechanisms, said the presidential spokesman. In response, Li said China's relations with Egypt were built on long decades of strategic partnership, mutual respect, and common interests. He noted the rapid development in bilateral relations and the close coordination between the two countries on both the regional and international levels, appreciating Egypt's pivotal role as a cornerstone of stability in the Middle East. Li also said China hopes to work with Egypt to carry forward the traditional friendship, consolidate mutual trust, and continue to give each other firm support, enriching the comprehensive strategic partnership, delivering more results through cooperation in various areas, and building a China-Egypt community with a shared future for the new era. Al-Sisi and Li exchanged views on regional and international developments. Both sides stressed the importance of underpinning the ceasefire agreement between Israel and Iran and resuming the diplomatic path to resolving the crisis through peaceful means. Both also underscored the necessity of reaching a ceasefire in the Gaza Strip, ensuring the immediate delivery of humanitarian aid and the importance of reaching a just and comprehensive solution to the Palestinian issue. Madbouli and Li held an expanded session of talks on 10 July at the cabinet's headquarters in Egypt's New Administrative Capital. Describing Li's visit to Egypt as 'historic', Madbouli commended China's pivotal role in supporting Egypt's development efforts, particularly through the participation of numerous Chinese companies in key infrastructure projects in the country, such as the Central Business District in the New Administrative Capital, the new Alamein City Towers, the light rail transit project, as well as the development of China's successful TEDA area in the Suez Canal Economic Zone (SCZone), an industrial cooperation model hosting 185 companies. Madbouli also voiced the hope that Li's visit would mark the start of a new stage of bilateral cooperation, particularly in localising industry, and transferring Chinese technology to Egypt, especially with regards to solar energy project components, localising electric vehicle manufacturing, and seawater desalination. Given China's global leadership in EV manufacturing, Madbouli urged Chinese companies to establish operations in Egypt and take advantage of the incentives offered by the government. He called on Chinese companies and institutions to boost their investments in Egypt, leveraging Egypt's memberships in free-trade zones with Arab, African, and European countries. Madbouli also stressed the importance of addressing the trade imbalance between the two countries by expanding Egyptian exports to China. He noted that Egyptian products are of high quality and already reach markets in North America, Europe, Latin America, and Africa. According to the Central Agency for Public Mobilisation and Statistics, bilateral trade between Egypt and China exceeded $17 billion, with Egypt's imports from China reaching $15.5 billion, in 2024. Li highlighted China's efforts to increase Egyptian exporters' access to the Chinese market, noting that significant measures have already been taken in this regard. The Chinese premier further reiterated China's interest in fostering investment cooperation with Egypt in various sectors, including renewable energy, industry, artificial intelligence, the digital economy, and the financial sector. Madbouli and Li witnessed the signing of a handful of cooperation deals between the government and the China International Development Cooperation Agency on e-commerce, green and low-carbon development, development assistance, finance and health. Economic and business observers believe the deals will boost Egypt's ambition to become a regional energy and logistics hub and to China's efforts to promote South-South cooperation under the Belt and Road Initiative. Among the landmark deals, the People's Bank of China and the Central Bank of Egypt signed a memorandum of understanding to deepen financial cooperation that covers local-currency use when it comes to settling cross-border transactions and the exchange of information and professional expertise in monetary policy, financial markets, central bank digital currencies, digital innovation and electronic payment systems. Businessman Mohamed Farag Amer, former deputy chairman of parliament's Industry Committee, described the decision of China and Egypt to use local currencies in settling their business transactions as a landmark step that reflects the trust between the two countries. 'This step will help reduce the dependence on foreign exchange, particularly the US dollar, and comes as a response to the intention of the BRICS countries to settle their financial transactions in local currencies instead of the dollar,' Amer said. Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and President of the China International Development Cooperation (CIDA) Agency Chen Xiaodogn also signed five cooperation documents aimed at strengthening Egyptian-Chinese strategic relations. The documents include a memorandum of understanding on the first development cooperation strategy between the two countries for the period 2025-2029 and the first phase of the debt-for-development swap programme. 'Egypt is the first country with which the CIDA has inked such a development financing agreement,' said Al-Mashat, noting that 'Egypt has significant experience and success in debt swap mechanisms, especially with Italy and Germany, with over $900 million in such programmes.' The two sides also inked an exchange of letters for a 1.520 million Chinese Yuan feasibility study grant for a project to set up a prosthetics system, an MoU boosting cooperation in human resource development under which the Chinese side will train some 2,000 Egyptians, and an exchange of letters for a grant to set up a biosafety lab. Al-Mashat emphasised that Li's visit to Egypt and his meetings with Al-Sisi and Madbouli reflect the continuous progress of bilateral relations between the two countries and help implement the comprehensive strategic partnership agreement signed by the presidents of the two countries in 2014. * A version of this article appears in print in the 17 July, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
