Egypt launched Tuesday the largest trade fair for Chinese investors, as Chinese companies in Egypt showcased their products and services to local consumers. The inauguration ceremony of the China Trade and Investment Exhibition held at the Cairo International Fair Ground was attended by a number of Egyptian and Chinese businessmen as well as officials from both countries.
The participant Chinese companies and manufacturers displayed various products such as textile and garments, furniture, home electronics, building materials and cars. “China ranks 21st among foreign countries investing in Egypt and we are targeting to have China among top 10 investors in Egypt,” Mona Zobaa, chairman of Egyptian General Authority for Investment, told Xinhua.
She added that China and Egypt are currently strengthening cooperation in trade and economic spheres through improving investment climate, creating investment opportunities and furnishing investment map in Egypt. China is Egypt’s largest trading partner with a trade volume of about 11 billion U.S. dollars in 2016 and about 5.2 billion dollars in the first half of 2017.
Xie Manding, managing director of China COSCO shipping company in Egypt, said his company, which opened a branch in Egypt about two decades ago, hopes to increase its operations in Egypt under the framework of the Belt and Road Initiative proposed by China.
China COSCO provides various services ranging from container shipping, customs clearance to logistics for Chinese enterprises exporting goods to Egypt. Xie said his company is “now mulling new regional shipping routes, including an Egypt-Ukraine-Russia-Turkey route and a route linking Egypt to Northern European countries through Morocco.”
This will facilitate Egypt’s efforts to sell its products to more countries, as China has promised to share development opportunities with other countries under the Belt and Road Initiative, he added.
The initiative, proposed in 2013, aims to build a trade and infrastucture network that connects Asia with Africa and Europe along the ancient Silk Road trade routes to seek common development and prosperity.
The three-day exhibition is co-organized by the Egyptian Chinese Trading Center in Egypt, Chinese Chamber of Commerce in Egypt, the China Development Bank, Egyptian Chamber of Commerce, China-Egypt Friendship Association, and the Al-Ahram Foundation.