Egypt plans to build Chinese industrial zone on Med

Egypt’s Minister of Industry and Trade, Ahmed Samir, discussed with his Chinese counterpart Wang Wentao, the establishment of a Chinese industrial zone on the Mediterranean Sea, Amwal Al Ghad Arabic reported on Wednesday.

The new industrial zone will cater to local market demands to serve as an export hub for European and American markets, according to the statement.

They also explored the possibility of settling trade transactions in local currencies and suggested the establishment of a branch of a Chinese bank in Egypt to facilitate trade, the statement added.

The ministers expressed interest in organising the ninth session of the joint committee for economic, trade, and technical cooperation. They also will coordinate the first meeting of the trade facilitation group to diversify Egyptian exports and increase access to Chinese markets.

Samir emphasised the strategic significance of the Egypt-China relationship, particularly in enhancing economic, trade, and investment cooperation. He also underscored Egypt’s dedication to furthering collaboration with China in the future.

Wang noted that China has been Egypt’s largest trading partner for the past decade. He also mentioned that the Chinese side is eager to address the trade imbalance by increasing access to Egyptian agricultural exports in the Chinese market.