China and Egypt on Thursday probed ways to strengthen economic
and trade cooperation while promoting Egypt's exports to the
Chinese market so as to balance trade between the two
countries.
At the first Sino-Egyptian conference on trade cooperation and
trade deficit relief, Egyptian Minister of Trade and Industry
Rachid Mohamed Rachid expressed hope that the two countries would
further promote cooperation in trade, investment and service
sectors while hailing the existing ties.
He also called for the implementation of relevant agreements
signed by the two countries during the Forum on Sino-African
Cooperation Summit in Beijing and Egyptian President Hosni
Mubarak's visit to Beijing in November 2006.
What is more, he called on both sides to boost efforts to
promote the export of Egyptian products to the Chinese market to
improve the bilateral trade balance status.
Regarding the establishment of a Chinese industrial zone in the
Northwestern economic zone in Suez Bay, Rachid called on Chinese
and Egyptian officials to work out the final touches on the project
soon.
For his part, visiting Chinese Vice Minister of Commerce Gao
Hucheng said that Sino-Egyptian economic and trade cooperation have
been seeing sound development with bilateral trade increasing
rapidly.
As for China's trade surplus with Egypt, Gao said the Chinese
government did not pursue the surplus intentionally. The Chinese
government would like to see Egyptian enterprises exporting their
goods to China and is ready to offer all kinds of facilities to
boost Egyptian exports to the Chinese market, he said.
China also encourages its enterprises to invest in Egypt, he
said, noting that more than 10 Chinese entrepreneurs in his
business delegation have expressed interest in importing marble,
flax and other goods from Egypt.
After the talks, enterprises from both countries signed about
US$30 million-worth purchase contracts, said commercial officials
of the Chinese embassy.
The two sides also signed an agreement on establishing a Mubarak
school in Kafr Museilha, Menoufia, 65 km north to Cairo, with
Chinese government grant.
According to Chinese embassy statistics, Sino-Egyptian bilateral
trade reached US$3.19 billion in 2006, with Chinese exports to
Egypt at US$2.97 billion and Chinese imports from Egypt at US$220
million.
Chinese enterprises' investment in Egypt totaled around US$300
million in the sectors of oil, telecommunications and port
facilities.
(Xinhua News Agency March 30, 2007)
