China-Egypt Economic Cooperation
The strategic relations of cooperation between China and Egypt in 2005 was further deepened, the bilateral trade and economic cooperation developed with a high speed and made new progresses in trade, investment and economic cooperation. Governments of the two countries and enterprises enhanced communication and exchange in trade and economy. Chinese Vice Minister of Commerce Wei Jianguo visited Egypt, Egypt's Minister of Foreign Trade and Industry Rasheed Mohamed Rasheed participated WTO Ministerial Meeting held in Hong Kong and WTO Mini-Ministerial Meeting in Dalian. The Ministry of Commerce of China organized enterprises to carry out investment and trade investigation in Egypt for many times, Federation of Egyptian Chambers of Commerce organized groups to take part in the Entrepreneur Conference of China-Arabian Cooperation Forum in Beijing.
China-Egypt trade turned a momentum of new growth and amounted to US$2.145 billion in 2005, up by 36% on a year-on-year basis and one time more than that in 2003. With mutual efforts of the two countries, Chinese investment in Egypt developed rapidly. By the end of 2005, Chinese enterprises and people totally registered 186 foreign-owned enterprises and joint ventures in Egypt and value of investment hit US$220 million. China-Egypt cooperation project of North-West Economic Zone Of Suez Bay of Egypt made a success of the first phase. Besides, China and Egypt made huge development in economic and technological cooperation.
2006 was the 50th anniversary of the establishment of diplomatic relations between China and Egypt, governments of the two countries would seize the opportunity to strongly push forward the cooperation in areas of politics, economy and culture to make the friendly relations between people of the two ancient countries step up to a new stage.