Thursday, February 26, 2009

Egypt: Rasheed: Egyptian- Chinese partnership to be promoted in coming years

Minister of Trade and Industry Rasheed Mohamed Rasheed started on Tuesday 24/02/2009 important talks in Beijing with senior Chinese officials on ways of deepening bilateral economic relations.

The talks focused on promoting Egyptian exports to the Chinese market to correct the imbalance in trade that tilts in China's favor by billion.

The two sides discussed ways of attracting more Chinese investments in Egypt and confronting the world's financial crisis.

The two officials also prepared for the Chinese-African cooperation forum that Egypt will host later this year to review horizons of economic cooperation between China and African countries.

Meantime, Rasheed had talks with Chinese Minister of Industry and Information Technology Li Yizhong on prospects of joint ventures in the production of natural gas-propelled car engines, power transformers and foodstuffs.

They also discussed how to transfer Chinese technology for the production of electricity and heat insulators.

Moreover, they probed ways of benefiting from Chinese expertise in encouraging small and medium-sized ventures and the recycling of agricultural waste along with attracting Chinese investments into Egypt's Gulf of Suez in renewable energy and information technology.

Rasheed also discussed with Chinese Deputy Minister of Commerce Fu Ziying the horizons of bilateral economic ties after requests by many Chinese companies to set up headquarters in Egypt to cover the needs of Arab and African markets.

China is preparing for hosting the fourth China-Africa cooperation Forum in 2010, while the fourth ministerial conference of the Forum on China-Africa Cooperation (FOCAC) is to be held in Egypt in 2009.

Meanwhile, the minister pointed out that an agreement was reached with the Chinese side to deny access to Chinese products that are below standard specification to Egypt in March 1,2009.