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15 July 2015

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China, Egypt Bilateral Trade Maintain Stable Growth amid COVID-19

2021-01-14 Download Print Comment
CAIRO, Jan. 13 (Xinhua) -- China's total exports to Egypt reached 12.06 billion U.S. dollars during the first 11 months of 2020, registering an annual increase of 12.2 percent, the Chinese Embassy in Egypt said on Wednesday.

Meanwhile, the total trade volume between the two countries during the same period hit 12.895 billion dollars, with a 10 percent annual increase, Han Bing, minister counselor for commercial affairs of the embassy, told an online press conference.

The conference was held to review the economic and trade cooperation between China and Egypt in 2020.

"In 2020, bilateral trade has weathered through COVID-19 and maintained stable momentum of growth. China remains the first trading partner of Egypt," Han emphasized.

According to statistics from the Ministry of Commerce of China, from January to September 2020, China's new direct investment in Egypt amounted to 89.33 million dollars, up 19.3 year on year.

China's total investment in Egypt has exceeded 7.7 billion dollars by now, Han noted, citing statistics from the embassy's Economic and Commercial Office.

"We are also exploring new cooperation in the fields of medical supplies, steel, textiles, transportation, new energy, garbage recycling and sewage treatment," the Chinese diplomat pointed out.

Despite the COVID-19 crisis, Chinese companies working in mega national projects in Egypt continued their progress nonstop while maintaining precautionary measures.

China State Construction Engineering Corporation (CSCEC) is currently constructing a 20-tower business district in the country's new administrative capital city, some 50 km east of Cairo.

The Central Business District (CBD) project includes building the 385-m high 80-floor Iconic Tower, which is expected to be the tallest skyscraper in Egypt and Africa upon completion.

Han said that the company finished topping the main structure of over 53 floors of the Iconic Tower and the main structures of eight other buildings.

He also noted that the ongoing joint project to establish a light rail to connect new cities on the outskirts of Cairo was also "progressing smoothly."

Over the past decade, China's industrial developer Tianjin Economic-Technological Development Area (TEDA) has been developing a total area of about 7.23 square km in Egypt's Suez Canal Economic Zone in Ain Sokhna district of Suez province.

"After 12 years' construction, China-Egypt TEDA Suez Economic and Trade Cooperation Zone has become the best industrial park in aspects of comprehensive environment, investment density, and per unit output," Han explained.

"TEDA zone has altogether 96 enterprises and has attracted more than 1.25 billion dollars investment with total sales of more than 2.5 billion dollars," said the Chinese senior diplomat, noting that the zone provides more than 4,000 direct job opportunities.

In recent years, the Chinese government and financial institutions have provided loans and credit of over 7.5 billion dollars to Egypt, "which greatly bolstered bilateral economic cooperation," according to the Chinese official. 

Source: Xinhua