China signs MoU to establish a logistic area in Suez Canal axis

China’s Ningxia Silk Road ePath Company (SRP)  has signed on Tuesday a memorandum of understanding with Egypt’s Information Technology & Services Co. (ITSC) to establish a logistics area in Suez Canal.

The MoU was signed in the presence of Egyptian Minister Communications and Information Technology Yasser El-Kady as well as Governor of Jinsha and President ofThe National Development and Reform Commission (NDRC).

Under the MoU, ITSC and SRP will also establish a logistic area in the Suez Canal Economic Zone to be managed by means of the latest IT systems provided by the two companies.

The MoU stipulates that both parties cooperate on providing Chinese market with electronic financial services which have been developed by the ITSC, while SRP takes over operating and marketing those services and translating them into Chinese language.

The two parties are also going to cooperate on carrying out an e-commerce system that aims to boost trade facilitation between the two countries. This system is expected to link Egyptian and Chinese companies engaged in export and import activities and thus reduce the time and cost of exporting from both countries to Africa leading to a noticeable improvement in their balance of payments.