15 major Chinese companies meet with Egypt ahead of G20 Summit

Egyptian Minister of Investment Dalia Khorshid will be heading a delegation to China Sunday to participate in the Joint Ministerial Committee in Beijing, taking place on 11 and 12 July.

During its visit to Beijing, the Egyptian delegation will meet more than 15 of the leading companies in China interested in taking a greater stake in the Egyptian market, as China seeks to expand trade networks in its new project dubbed the “New Silk Road”.

Khorshid will also meet with vice chairperson of the National Development and Reform Commission (NDRC) Liu He.

The Joint Ministerial Committee is being held in preparation for the G20 Summit, which will take place in China on 4 and 5 September.

Egyptian Minister of Trade and Industry, Tarek Qabil, will accompany Khorshid in an attempt to discuss a number of capacity building projects in the transportation, sanitation, and housing and construction sectors. Egypt seeks these projects in order to support its development goals.

China is currently the 23rd largest foreign investor in Egypt, and there are currently 1,269 Chinese companies operating in Egypt with total contributions of $548 million. 68 percent of the capital of these companies lies in the industrial sector, 15 percent is directed to financing services, while 9 percent is in the information and communication technology sector. China also makes up Egypt’s largest import destination with imports totaling more than $9 billion, making up 11 percent of Egypt’s total imports. Egyptian exports to China total only $1 billion, amounting to a total trade balance deficit of $8 billion between both nations.

Source: Daily News Egypt