Mohieldin Meets Chinese Minister of Commerce 

Means to re-enhance the balance of trade between Egypt and China topped discussions when the Minister of Investment, Dr. Mahmoud Mohieldin met with the Chinese Minister of Commerce, Chen Deming.

Attracting more Chinese investments would diminish the trade deficit, which hit USD 4.5 billion on average in favor of China over the past two years, Dr. Mohieldin said. With these investments in place, Egyptian added-value products will be manufactured, he added.

It was previously agreed that China would necessarily implement standards to ensure the quality of Chinese goods exported to Egypt.

Deming stated that China does not seek a trade surplus from its relations with developing countries. However, it targets balanced commercial ties.

The second topic on the agenda was how to increase Chinese investments in Egypt by attracting large value-added companies to the Egyptian and Chinese economies. Dr. Mohieldin highlighted the importance of escalating Chinese investments; although the number of Chinese companies in Egypt has increased recently to 1,022. These companies are mainly small and medium-sized enterprises.

Dr. Mohieldin invited the Chinese side to invest in the vast range of projects currently underway in Upper Egypt, particularly those along the newly completed Upper Egypt - Red Sea Road.

Dr. Mohieldin highlighted the priority of investing in this specific region, as it would act as a gateway to COMESA countries and is strategically located on the international coastal road between Egypt and Khartoum. The region has attracted improvements in infrastructure projects in natural gas together with the establishment of a new airport in Sohag and the development of Assiut Airport.

The Upper Egypt-Red Sea Road will help link the Upper Egypt-based industrial zones to the Red Sea. Other parallel projects are being implemented in the Red Sea by the Ministry of Investment, including the establishment of a container handling quay. Dr. Mohieldin also mentioned the Economic Zone North West Suez Gulf as a major destination for Chinese investments.

Given the good bilateral political relations, China seeks to increase its investments in Egypt, Deming said, pointing out that the Economic Zone North West Suez Gulf receives special attention from the Chinese Premier.

Some pending issues with the Chinese-based Tiida company will be resolved; Tiida is undertaking the development of the Economic Zone North West Suez Gulf.