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China to plan huge project in Egypt on the Mediterranean Sea

Egyptian media reports revealed on Thursday that Minister of Trade and Industry Ahmed Samir reportedly discussed the establishment of a major Chinese industrial zone on the Mediterranean.

The project aims to provide the needs of the local market, and export to the European and American markets.

Samir also discussed a proposal to settle commercial transactions in the local currencies of both countries, and discussed the proposal to establish a branch of a Chinese bank inside Egypt, in coordination with the relevant Chinese authorities, which will contribute to facilitating trade exchange between the two countries.

The Egyptian Minister held an expanded discussion session with Chinese Minister of Commerce, Wang Wentao, and his accompanying delegation, to explore ways to enhance cooperation between the two countries in various economic, investment and trade fields.

Samir said that the meeting emphasized the interest in advancing joint relations between the two countries as part of a comprehensive strategic partnership.

It also emphasized Egypt’s interest in holding the ninth session of the Joint Economic, Commercial and Technical Cooperation Committee between the two countries – the last session was held in October 2021.

The meeting dealt with coordination to hold the first meeting of the trade facilitation group between the two sides to diversify the structure of Egyptian exports, facilitate the access of exports of agricultural crops, and study increasing the access of Egyptian products to Chinese markets, he added.

Egypt and China boast strategic relations that represent a pillar for strengthening economic, trade and investment cooperation between both nations, he said.

Samir noted Egypt’s keenness to support further cooperation between Cairo and Beijing and advance it to broader horizons during the next stage, commensurate with the already strong ties between the two countries.

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