China builds Business relationship with Egypt

The visit of Egyptian President Abdel-Fattah al-Sisi to China’s capital Beijing in December 2014 had started a new stage in bilateral relations after four years of political instability and economic upheaval. This “milestone visit” according to his Chinese counterpart Xi Jinping had initiated the “comprehensive strategic partnership” between the two countries, particularly in the field of economic cooperation.

Pursuant to these developments, China’s State Councilor Yang Jiechi has met with al-Sisi in Cairo on June 1, 2015. The Chinese official confirmed his country’s commitment to making Egypt an active participant of the “Belt and Road” initiative launched by President Xi in 2013 within the framework of a development strategy that helps China to play a bigger role in global affairs and to export its industrial overproduction to developing countries like Egypt.

Till now, Chinese companies have taken part in large facilities projects like the renovation of Alexandria shipyard completed by the Chinese State Shipbuilding Corporation (CSSC). Housing and sanitation services will also be supplied by China Gezhouba Group Company Ltd. to approximately 260 villages in 4 Egyptian provinces, as part of a $1 billion worth project. The Chinese government expected trade exchange with Egypt would reach $11 billion by end 2014 but the final figures have not been delivered yet.