CAIRO – 28 February 2024: China has expressed its interest in establishing a new industrial zone on the Mediterranean Sea in a bid to cater to the local market and tap into European and American markets. The proposal was discussed during a meeting between the Egyptian Minister of Trade and Industry, Ahmed Samir, and his Chinese counterpart, Wang Wentao.
One of the key points of discussion was the possibility of conducting trade transactions using the local currencies of both countries. Additionally, the establishment of a branch of a Chinese bank in Egypt was considered to facilitate smoother trade exchanges.
Minister Wentao emphasized that Egypt holds a significant position as an investment destination in the Arab region for China. Over the past decade, China has been Egypt's largest trading partner, and now aims to strengthen its trade relationship by increasing agricultural imports from Egypt.
During his visit, Minister Wentao also met with the Egyptian Prime Minister, Mostafa Madbouly, where discussions revolved around expanding bilateral relations and enhancing cooperation in various sectors. Areas of interest included information and communications, smart cities, e-commerce, green development, and high-tech industries.
China's investments in ports and industrial zones in the Suez Canal Economic Zone have already reached nearly $2 billion in 2023. This underscores China's commitment to fostering economic growth and cooperation in the region, as well as its recognition of Egypt's strategic location as a gateway to Africa and the Middle East.
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