Chinese businessmen team seeks boosting economic ties with Egypt
Egypt-China, Economics, 3/6/2002

A large Chinese businessmen delegation comprising members of the Chinese business organisations and chambers of commerce and industry is due in Cairo on March 17 for discussing the joint projects to be established within the framework of the Egyptian-Chinese Business Council set up during President Hosni Mubarak's recent visit to China, chairman of the Federation of Egyptian Chambers of Commerce (FECC), Khaled Abu Ismail, has said.

He added that the delegation led by the head of the Federation of Chinese Chambers of Commerce, would include experts in tourist, trade, navigation, information technology and industrial activities in order to enhance economic and trade ties between the two countries.

He said that members of the Egyptian-Chinese Business Council would discuss the best means to finance investments in Egypt and get acquainted with the laws and regulations regulating investments and the facilities and incentives offered to businessmen and investors as well as the studies prepared to enhance bilateral cooperation in the fields of production, trade and investments.

The meetings of the Egyptian and Chinese businessmen would also address the problems facing businessmen in the two countries and how to solve them with special stress on training programmes and transfer of technology, he added.

Abu Ismail said that the Chinese Prime Minister would also visit Cairo in May leading an economic delegation covering trade, tourism, oil and information technology to have talks on boosting economic relations between the two countries.

Referring to the Egyptian businessmen's visit to China, accompanying President Mubarak, Abu-Ismail, said that it would help in opening new prospects for bilateral cooperation especially in trade and investments.

He added that the Egyptian-Chinese Businessmen Council was the first specialised entity for the private sector in the two countries based on several objectives the most important of which was acquainting businessmen with the trade and investment opportunities available in the other country together with encouraging establishing and promoting joint enterprises of high economic returns.

The bilateral trade exchange between Egypt and China has jumped by about 33 per cent during the three years from 1998 to 2000 or about 10 per cent annually in the average.

Despite the remarkable rise in Egyptian exports to the Chinese market during that period by about 300 per cent, the trade balance between the two countries is still in favour of China. Chinese investments in Egypt reached more than $100 million.

Chinese exports to Egypt include petrochemicals, paper, agricultural and industrial equipment, carpets, medications and ships besides tourist and insurance services. As for the Egyptian exports to China, they include ceramics, granite, metals, plastics, marble, cotton and chemicals.

The FECC chairman has expected the tourist cooperation between the two countries to witness substantial progress in the coming period after Egypt has been placed as the 18 point of interest for the Chinese tourists, a matter which is likely bring some balance to bilateral trade.

Previous Stories:
  Muharak attends the ceremony of launching Egyptian-Chinese business council   (1/25/2002)
  Delegation of Egyptian businessmen to head China   (1/16/2002)
  Mubarak's talks in China to cover economic cooperation   (12/6/2001)

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