FILE - Minister Trade and Industry Amr Nassar FILE - Minister Trade and Industry Amr Nassar

Egypt seeks to become hub of Chinese investments in region: min.

By: MENA
Tue, Sep. 4, 2018
BEIJING - 4 September 2018: The Egyptian government is working to turn Egypt into a regional hub of Chinese investments, said Minister Trade and Industry Amr Nassar.

Nassar, in statements to MENA Tuesday, said the exchange of visits between the leaders of Egypt and China is a proof of strong bilateral relations.

In December 2014, President Abdel Fatah al -isi made his first visit to China, Nassar said, noting that this served as a milestone in developing relations to a comprehensive strategic partnership.

Nassar is currently accompanying Sisi on his visit to China to attend the Forum on China-Africa Cooperation (FOCAC) summit.

Minister Nassar said the ministry pays big attention to enhancing ties with China, noting that trade cooperation and industrial investments are the pillars of the relationship between Cairo and Beijing.

He expected an increase in the flow of Chinese investments to Egypt's industrial sector in the coming stage, particularly where the automotive and textile industries are concerned.

Egypt and China signed agreements to implement 11 projects in the fields of industrial investment, electricity, transport, construction and infrastructure, Nassar made it clear.

A number of memorandums of understanding were also inked with the aim to boost investment cooperation between the two countries, he added.

Nassar said his ministry will be working to reduce the trade deficit between Egypt and China in the coming stage.

Egypt's exports to China upped from 500 million dollars in 2016 to a whopping 1.3 billion in 2017, the minister said, adding that this represents a 139.8% rise
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