During the meeting, the ministers also proposed to conduct trade transactions using local currencies of both countries, with discussions on the possibility of opening branch of a Chinese bank
China wants to establish a new industrial zone on the Mediterranean Sea to provide the needs of the local market and export to the European and American markets. This was discussed during a meeting between Minister of Trade and Industry Ahmed Samir and his Chinese counterpart, Wang Wentao.
During the meeting, the ministers also proposed to conduct trade transactions using the local currencies of both countries, with discussions on the possibility of opening branch of a Chinese bank in Egypt to facilitate trade exchange between the two countries.
Wentao said that Egypt is one of the most important investment destinations in the Arab region for China. He also added that China has been Egypt’s largest trading partner for the last 10 years, and said that China wants to balance its trade relationship with us by upping its agricultural imports from Egypt.
Minister Wentao also met with the Egyptian Prime Minister, Mostafa Madbouly said China is ready to expand its relations with Egypt and cooperate across fields such as information and communications, smart cities, e-commerce, green development, and high-tech industry.
Chinese investments in ports and industrial zones in the Suez Canal Economic Zone amounted to almost $2 billion during the year 2023.
