Egypt and China have signed a number of agreements to deepen their co-operation during President Abdel-Fattah El Sisi’s visit to Beijing last week.
The president, accompanied by Egyptian Foreign Minister Sameh Shoukri, witnessed the signing of these agreements with Chinese President Xi Jinping in a ceremony that coincided with the 10th anniversary of the Egypt-China comprehensive strategic partnership.
The agreements include collaboration in China’s Belt and Road Initiative(BRI), which brings Chinese companies to build Chinese-funded transportation, energy, and infrastructure projects overseas.
China invested billions of dollars in Egypt’s national development projects, including the Suez Canal Economic Zone and the new Administrative Capital east of Cairo.
Egyptian-Chinese joint investments totaled $14 billion in 2023, compared to $16.6 billion in 2022, according to data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS).
Egypt and China have a long history of diplomatic relations, dating back to the 1950s. Egypt was the first Arab and African nation to establish diplomatic relations with the People’s Republic of China in 1956.
Egypt is the largest recipient of Chinese investments in the Arab world. China’s investments in Egypt have reached nearly $7 billion, 90 per cent of which were pumped over the past five years, providing around 40,000 jobs, according to a statement by the Chinese Embassy in Cairo.
Chinese companies have invested billions of dollars in infrastructure projects in Egypt, including the construction of the New Administrative Capital as well as power plants and industrial zones.
Chinese media said China’s keenness to strengthen its relations with Egypt should also be viewed through the prism of China’s massive BRI. For example, the Suez Canal and Trade Cooperation Zone (SETC-Zone), established in 2008, is considered a key project that significantly serves the BRI due to its location and logistical capabilities.
The SETC-Zone is a major hub for Chinese products, boasting 102 Chinese companies, $1.2 billion of investments, 30,000 new jobs, and over $2.5 billion in sales, according to China’s National Development and Reform Commission Chinese projects in Egypt.
Source: The Egyptian Gazette
