Egypt, China sign agreements worth $ 2.7 billion
Egyptian Minister of Foreign Trade and Industry, Mohamed Rasheed, on Thursday said Egyptian companies taking part in a mission to China succeeded in signing contracts to establish a series of joint ventures in Egypt with Chinese investments to the tune of $ 2.7 billion.
According to the agreements, the two sides agreed on the establishment of factories for cables, cement, glass and chemicals as well as an aluminum complex.
The Egyptian side also suggested a number of projects to be financed by the Chinese side, including the establishment of a mega industrial zone for small and medium industries, a city for fairs, technical cooperation to promote marble and textile industries and a center for the promotion of Egyptian industry and Egyptian exports to China.
The two sides further affirmed the importance of enhancing the level of economic and trade relations to the existing strategic level with focus on the spheres of energy, textiles, ready-to-wear clothing, electronics, construction-materials, and giving the private sector a larger role in the coming phase in addition to opening Chinese markets to Egyptian exports especially rice and citrus.