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Egypt is pursuing more robust trade and investment links with China. They believe over the next 10 years China can become their number one trading partner overtaking historical markets such as the US, said Rachid Mohamed Rachid, Egypt's minister of trade and industry.

"We want to be China's gateway to Europe, Africa and the Middle East, through our basket of preferential trade agreements with these markets", said Rachid in his address to the World Economic China Business Summit held Sunday. This year marks the 50th anniversary of the two countries' diplomatic relations.

Rachid's participation in the Forum came at the end of a week-long visit in China during which he signed a joint economic cooperation protocol with the Chinese Trade Minister Bo Xilai designed to boost Egypt's trade with China to US$5 billion from its current level of US$2 billion.

China exports a range of products to Egypt including data processing equipment, tobacco leaves, truck tires, generators, decoders and radio transmission equipment. Egypt's exports to China include cotton, marble, plastics, petroleum products, linen, glass and cow hides.

The main purpose of Rachid's visit is to pursue joint investment projects, estimated to be worth more than US$2 billion, with his counterparts in the Chinese government and business leaders.

Joint government to government projects agreed during the week included the establishment of a Chinese industrial zone in Egypt to accommodate joint Chinese-Egyptian investment in Egypt's textiles, footwear and pharmaceuticals industries. The zone will be established along with China National Chemical Engineering (Group) Corp (CNCEC), China's largest state-owned chemical engineering company.

"Egypt today has labor costs which are if not equal lower than China, energy costs are definitely lower than China and we have other infrastructure available," Rachid said.

"We have two other advantages when we talk about Europe," said Rachid. "Goods produced in Egypt can go to the European market at a cost less than from China and we have a free trade agreement with Europe." 

A number of Memoranda of Understanding were also signed between the two governments which facilitate the transfer of Chinese technology and equipment into strategic export sectors in Egypt such as textiles and building materials.

China currently ranks as Egypt's 29th largest investor. In March 2006 Chinese-Egyptian joint ventures totaled US$70.6 million of investment.

Talks are also underway for the establishment of an aluminum production facility with China's largest industrial consortium, CITIC, which would have an initial start-up investment of appoximately US$100 million.

Private sector projects include a contract to create the first Chinese-Egyptian manufacturing complex in Egypt and to attract investment to the country's spinning, weaving and garment industries.

(Xinhua News Agency September 11, 2006)