Egypt becomes an area of double investment for China

China is making strategies to augment its investment in Egypt from USD 7 billion to 15 billion. The information is being revealed by Liao Li Chang, the Chinese Ambassador to Egypt recently.

The recent fair at the Cairo International Convention Center served as a podium to enhance bilateral economic relations between China and Egypt’s capital cities. The fair was highly intended to strengthen bolster trade relations between Chinese private sector and its Egyptian counterparts while enabling the transfer of Chinese technology to Egypt. 195 Chinese manufacturers booked more than 400 booths to exhibit their products to the Egyptian market at the fair.

Since 2012, China has been the largest trade partner and exporter to Egypt for 7 consecutive years. China is doubling down on its capital investments in the Arab nation under the Belt and Road Initiative, which is an ambitious global development and market expansion strategy adopted by the Chinese government involving infrastructure development and capital investments in over 150 countries across the Americas, Africa, Asia and Europe.

The Chinese investments in Egypt totalled over USD 7 billion for the years before 2018. The bilateral trade between both countries reached a record high of USD 13.87 billion in 2018. This will mark an annual augmentation of 27.06 percent.

The capital cities of China and Egypt had successfully accomplished notable agreements since 2017. That also included the funding of the electric train project between Salam City and the New Administrative Capital.