Egyptian-Chinese economic cooperation boom

Members of the Egyptian-Chinese Business Council asserted during their meeting in Cairo yesterday that the upcoming stage would witness a breakthrough in Egyptian-Chinese joint ventures.

The meeting was attended by Foreign Trade Minister Youssef Boutros Ghali, head of the Chinese Council for the Development of Foreign Trade, and Head of Egyptian Federation of Chambers of Commerce, Khaled Abu Ismail.

In statements Abu Ismail said that the number of Egyptian members in the council is now 175 and will likely increase to 300 businessmen from all Egyptian governorates.

"The official meetings, to kick off today, will probe the setting up of 25 joint ventures in the fields of agriculture, petrochemicals, maritime transportation, shipment and tourism," Abu Ismail said.

"Studies are underway by both parties on building a number of other projects," he added.

The Egyptian-Chinese Business Council's plan of action is aimed at furthering cooperation in the small and medium-scale enterprises and establishing a free trade and industrial zone in the Gulf of Suez.

The plan also aims to open Chinese markets for Egyptian exports to help fill in the gap in the trade balance.

The volume of Egyptian exports to China is estimated at $ 40 million against $ 600 million for China.

The Chinese delegation will tour Luxor to get acquainted with the city's tourist features in a way that could promote the tourist movement coming from China.