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Trade, economic cooperation with China boosts Egyptian economy: Egyptian ministers

Updated: February 18, 2024 Source: Xinhua News Agency
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CAIRO, Feb. 17 (Xinhua) -- Egyptian ministers said Saturday that economic and trade cooperation with China greatly supports the Egyptian economy despite all the economic challenges facing the Arab country.

"There are huge Chinese projects in Egypt, and China is Egypt's first trading partner, in addition to its huge investments in Egypt," Egyptian Finance Minister Mohamed Maait told Xinhua on the sidelines of the 10th Akhbar El Youm economic conference in the Egyptian capital Cairo.

He added that China's mega investments, mainly in Egypt's new administrative capital and the Suez Canal Economic Zone, notably contribute to boosting the Egyptian economy.

"We are partners with China in the Belt and Road Initiative, the BRICS group and the Asian Infrastructure Investment Bank ... all of this is in the common interest of the two countries," the Egyptian minister added, referring to Egypt's issuance of sustainable panda bonds in the Chinese financial market as a testament to bilateral cooperation.

The Akhbar El Youm economic conference is an annual platform through which experts, representatives from the business community, and government officials exchange economic visions and ideas.

During the conference, Egyptian Minister of Public Business Sector Mahmoud Esmat said that there are 36 economic projects on which the ministry is currently cooperating with the private sector, adding that many of these projects involve large Chinese companies.

He revealed that the ministry has been working to highlight investment opportunities in Egypt to attract local and international investors, especially Chinese investors.

Editor: Yang Linlin