What Egypt should benefit from attending BRICS: experts

CAIRO – 31 August 2017: President Abdel Fatah al-Sisi will fly to China to take part in the BRICS Xiamen Summit, upon the invitation of his Chinese counterpart, Xi Jinping, among the most growing economics in the world, like Brazil, Russia, India, China and South Africa.

BRICS is recognized as an important force in global governance. China holds the BRICS presidency this year.

The participation of Egypt in such economic summit means that world economics trust the Egyptian economic reform program and gives it a chance to promote its investment opportunities.

Economist Khaled el-Shafei affirmed that Egypt’s participation in international economic summits proves that it returned to its international role politically and economically. Besides, it enables the Egyptian team accompanying the president to hold joint meetings with the world’s largest economics and encourage them to invest in Egypt.

The population of the group's members account for 42 percent of the world’s. It seeks to achieve economic, political and geopolitical integration as well as cooperation in resolving economic crises among third world countries.

“The summit is great chance for Egyptian team to hold talks with Brazil to activate the Free Trade Agreement (FTA) with the Common Market of the South (Mercosur), especially Argentinean parliament agreed on it,” Shafei told Egypt Today on Thursday.

Meanwhile, member of Egyptian Businessmen Association, Ahmed Mounir said that BRICS summit will represent a starting point for Chinese investments and the Chinese Industrial City in Egypt.

Mounir stressed on the importance to attract Chinese corporations to invest large capitals in the Suez Canal Axis, especially after liberating the change rates.

Egyptian exports to China reached $325.8m in the first quarter (Q1) of 2017, an increase of $91m compared to the same period last year. Imports, on the other hand, decreased by 30.3 percent in 2017 compared to a year earlier. Most of Egyptian exports from China are machines and electronics.

The group of emerging economies will meet on September 3-5 in the southeastern Chinese city of Xiamen for the ninth summit of the bloc, which was first launched by Russia, China, India and Brazil in 2006 and expanded in 2010 to include South Africa.

Sisi told Chinese media before his trip to China that Egypt is willing to further contribute to cooperation within the BRICS framework.

"Our participation in the meetings with the BRICS countries is of great importance, especially as Egypt enjoys promising economic capabilities and provides an outstanding strategic location that can help it effectively support the BRICS community and its priorities," Sisi said as being quoted Xinhua news agency on Wednesday.