El-Sissi seeks boost in Chinese industrial investments

The two leaders signed a number of strategic agreements to boost investment and industrial exchange [Xinhua]

Egyptian President Abdel-Fattah El-Sissi called for a full strategic partnership between his country and China during his three-day visit to Beijing to mark the 70th anniversary of the end of World War II.

While stressing that Egypt will make Chinese investments a priority in building the New Suez Canal economic development zone, El-Sissi also called on Chinese companies to expand their trade and development of small and medium-size projects in the Arab World’s most populous country.

Chinese President Xi Jinping who met El-Sissi on Wednesday praised the strength of the 60-year Sino-Egyptian partnership. El-Sissi arrived from Singapore on Tuesday.

Xi said the two countries should continue to work on strengthening multi-faceted exchanges and close coordination in regional and international affairs. Both leaders agreed to expand their cooperation in join anti-terrorism initiatives, with a particular focus on Islamic extremism in the Middle East.

Following their brief meeting, the two leaders held a Sino-Egyptian Summit which reviewed bilateral relations and international development.

At the conclusion of the summit, the minist of Industry and Investment signed a memorandum of understanding to expand China’s engagement with Egyptian projects. The two countries also signed strategic agreements covering infrastructure and transportation development – including the high-speed train between Cairo and 10th of Ramadan city.

The China Development Bank also signed an agreement with Egypt’s National Bank to provide a $100 million loan to fund small and medium-sized projects.

During his meeting with CEOs of leading Chinese companies, the Egyptian president pledged to dedicate an advanced industrial zone for Chinese company operations.

He also said that Egypt will do its utmost to facilitate the ease of Chinese investors doing business in Egypt.

Sissi also said that he wanted to see Chinese energy companies invest in building coal-based power plants to help alleviate Egypt’s need for electricity, and partake in mega-projects such as helping to build the new administrative capital.

El-Sissi, one of 30 world leaders invited to Beijing to mark the 70th anniversary of the end of World War II, said he was glad to represent Egypt at the China’s V-Day celebrations on September 3.

He will fly to Indonesia on Friday night, his final stop in his three-nation Asian tour.

The BRICS Post with inputs from Agencies