Egypt, China keen to develop Suez free economic zone
Egypt-China, Economics, 8/17/2004

Chinese Assistant Foreign Minister for North African Affairs Lu Guozeng asserted that Egypt and China are keen to expand bilateral cooperation in the realm of technology.

Consultations are under way to accelerate the development of the free economic zone in North West of Gulf of Suez, where an Egyptian delegation has visited China's Shenzhen industrial zone and extended the invitation to a number of major Chinese companies to invest in the Gulf of Suez which will witness great developments over the coming years.

Two companies, operating in the field of spinning and weaving industry, have already been registered in the Gulf of Suez zone, whereas other firms are carrying out preparations to invest in this area, Guozeng said.

The Chinese investments abroad have realized a marked increase over the past couple of years, heading more and more towards Africa and the Middle East, he added, noting that Chinese investments in Egypt reached $ 70 million over the past years, liable to increase in future.

Furthermore, Egypt has been recently included within the list of tourism targets where tens of thousands of Chinese tourists visit Egypt annually, the Chinese official said.

On the other hand, Guozeng underlined his country's keenness to contribute to the reconstruction of Iraq as well as extending the necessary humanitarian aid to the Iraqi people.

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