China makes an ideal partner for Egypt
China, which shares similarities in development strategy with Egypt, makes an ideal partner for Egypt in its industrialization process, according to Chinese ambassador to Egypt Song Aiguo.
Song made the comments as Chinese President Xi Jinping prepared for his first state visit to Egypt, from Jan 20 to 22, which he said is a milestone for the China-Egypt comprehensive strategic partnership.
The two countries face great historical opportunities as China puts forward its Belt and Road Initiative while Egypt has been speeding up the development of the Suez Canal Corridor Area Project.
The Belt and Road Initiative, first proposed by Xi in 2013, is made up of the Silk Road Economic Belt and 21st Century Maritime Silk Road, initiated to better connect Asian, European and African countries.
The Suez Canal Corridor Project is a long-term project meant to transform the canal area into a global economic hub, with industrial and technological zones, major residential areas and agricultural zones that would connect to adjacent provinces.
"Egypt, which is located at the meeting point of the western part of the Belt and Road, boasts of a unique regional advantage as a hub. It is an important partner in the Belt and Road Initiative for China.
"China, as an emerging, developing country with rich industry capacity, capital and technology advantages, could be a preferred partner in developing the Suez Canal Corridor Area Project for Egypt," Song says.
While it's natural for the two countries' cooperation to grow in light of complementarities in geography, resources, industrial structures, technology and capital, Song says there also is a great deal of potential for deepening collaboration in trade, investment, modern industry, modern agricultural, transportation, energy and power, and satellite technology.
"Currently, Egypt, along with other African countries, is promoting industrialization while China is conducting economic structural adjustments and industry transformation and upgrading. China would be an ideal partner for Egypt in its industrialization process and there can be huge potential for cooperation and broad development prospects for the two countries," he says.
Egypt is the first Arabic country in Africa to established diplomatic relation with China and also the first developing country to establish a strategic cooperative partnership with China. Xi's visit to Egypt coincides with the 60th anniversary of diplomatic relations between the two. Given the two countries' long track record, Xi's state visit is expected to elevate their relationship to a new level, Song says.
In the past decade, cooperation between the countries has produced great results. Bilateral trade reached a high of $11.6 billion and China's nonfinancial direct investment in Egypt hit $100 million, an increase of 86 percent year on year, in 2014. China is Egypt's biggest trade partner and an important source of foreign investment.
The China-Egypt Suez Economic and Trade Cooperation Zone, launched in 2008 as China's only state-level overseas economic and trade zone in the Middle East, has been a model for China-Africa cooperation.
"While promoting China-Egypt industrialization cooperation, it also drives the two countries' cooperation in investment and financing. It creates large employment opportunities and also trains a number of technical personnel for the country," says Song.
