Commercial exchange between Egypt and China is expected to stand at US$11.5 billion by the end of 2014, with Beijing becoming Cairo’s top trade partner, the Ministry of Trade and Industry said Tuesday.
Minister Mounir Fakhry Abdel Nour said his country is coordinating with the China Africa Development Fund, which enjoys more than $30 billion in its capital, for the financing of small and medium-sized enterprises in Egypt. His statements came during a meeting on Tuesday with Egyptian members at the Egyptian Chinese Business Council to discuss preparations for a visit by Egyptian President Abdel Fattah al-Sisi to China next week.
Council member Ahmed al-Sewedy said the council, with its new formation, will work on attracting more Chinese investments to Egypt.
Adel Lamie, another council member, pointed to promising prospects for Egyptian-Chinese cooperation in ship building, citing China’s long expertise in the industry. Noting that 20-25 percent of vessels crossing through the Suez Canal are Chinese-made, Lamie said a project could be studied to establish logistic centers serving those ships.
Former Health Minister and Council Member Awad Tag Eddin said it was important to expand mutual cooperation in the fields of medicinal and bio-techonological industries.