Cooperation between Egypt and China

Chinese Ambassador to Cairo Song Iqwa revealed the future cooperation between El Harir road and Suez Canal to strengthen the economic cooperation through integration between those two regions, adding that Suez Canal will witness logistics supplies because it is a main point on El Harir road.
He said in a statement to “Arab Today” that, the cooperation between Egypt and China is unique and the Chinese investments in Egypt amounted to 7 billion dollars, while the trade exchange between the two countries reached 10 billion dollars last year. There are 4 signed agreements between China and Egypt in 10 fields of productive energy, and these agreements include 80 projects.
“More than 200.000 Chinese tourists visited Egypt last year, which is considered a huge number in this field” Iqwa said. He added that, there are many cooperation fields between Egypt and China especially in infrastructure projects, and Egypt is currently witnessing Chinese projects worth 700 million dollars.
He said that El Harir road will strengthen the Chinese relations with Egypt and will increase trade exchange between the two countries. He also confirmed that, China is working to improve electricity networks and number of railways and ports in Egypt that will provide 10.000 job opportunities through the new expansions in the Chinese area in Suez Gulf, which will contribute in the process of renewing industry in Egypt to facilitate trade exchange and provide the required financial funding to upgrade the Egyptian electricity network.
China offered 1.4 billion dollars to Egyptian banks and agreed to currencies exchange at about 1.7 billion dollars within the frame of supporting economy amendment programs. Iqwa said that Egypt and China are negotiating about cooperation in productive energy field regarding the manufacturing process, and that the second line of Joshi Company for fiber glass had already entered the production stage, and the third line will be implemented soon, which makes Egypt ranks third in the world in the production of fiberglass, and 90% of this production is exported, adding that, 375 million pounds were paid in taxes on Joshi's profits to the Egyptian government.