China to Help Strengthen Egyptian Economy

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Researched by Industrial Info Resources (Sugar Land, Texas)--Bilateral trade between China and Egypt has increased substantially in recent years. Trade reached nearly $5.86 billion in 2009, and rose to $7 billion in 2010.

Last week, China's Foreign Minister Yang Jiechi met his Egyptian counterpart, Nabil el-Arabi, in Cairo to express China's support for the Egyptian people and confidence in the peaceful transition of power. The Chinese minister said the two countries should strengthen cooperation in various fields and support the efforts of Egypt to stabilize and promote economic growth and social development.

In April this year, Dr. Samir Sayyad, the Egyptian Minister of Industry and Foreign Trade, met with Fu Ziing, China's Deputy Minister of Commerce, and the accompanying delegation. Both parties witnessed the signing of memoranda of understanding between the Commercial International Bank (Cairo), CI Capital (Giza, Egypt) and China Development Bank (Beijing, China) to provide the necessary funding for the establishment of joint ventures in Egypt and China

In December 2010, a Chinese company, in cooperation with EGMAC Egyptian, won a $19 million contract to supplying and installing a 500-kilovolt switchyard for the 1,300-megawatt Ain Sokhna power station. The power station has estimated cost $1.8 billion and will be in service in 2013.

There are 1,100 Chinese firms registered in Egypt. Chinese companies have invested approximately $500 million in Egypt.

For additional information about Chinese-Egypt projects, see April 29, 2010, article - Egypt to Produce Egyptian-Chinese Vehicles Within Two Years and August 19, 2010, article - China Invests in Aluminum Complex in Egypt.

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