China will channel approximately US$7 billion into Egypt’s economy. The funds are intended for joint projects, including the construction of new industrial zones, the development of renewable energy, and advances in digital technologies, reports
Sada El-Balad, a partner of TV BRICS.
According to Liu Yinfeng, Counsellor-Minister at the Department of West Asian and North African Affairs of China’s Ministry of Foreign Affairs, around 5,000 new jobs have already been created in Egypt thanks to Chinese investment.
Plans are underway to expand cooperation in the space sector, electric vehicle production, and the construction of facilities in the Suez Canal area and Egypt’s New Administrative Capital, a modern city east of Cairo.
Wang Guanda, an expert on China-Arab relations, stated that China sees Egypt as a key partner in the region and a leading participant in the Belt and Road Initiative, aligning with Egypt’s national development programme, “Egypt Vision 2030”. Trade between the two countries is expected to increase, partly due to plans to introduce a “zero-tariff” regime for certain goods.
The countries are also developing cooperation within BRICS in the energy and technology sectors.
Photo: Oleksii Liskonih /
iStock
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