
Egypt, China agree to boost economic ties, organise investment forum
The agreement came during a meeting in Beijing between Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib and Chinese Commerce Minister Wang Wentao.
The two sides agreed to enhance cooperation in several fields, including electric cars, feeder industries, electronics, water desalination, solar panels, and artificial intelligence. They also agreed to collaborate on strengthening supply chains.
Chinese Commerce Minister Wang Wentao praised the bilateral trade volume, which has reached $17bn, affirming that China remains Egypt's largest trading partner. He highlighted successful investment cooperation in the TEDA-Suez zone, which has attracted significant Chinese investment, alongside major projects implemented by Chinese firms, including the Iconic Tower and Central Business District in the New Administrative Capital, the electric train, and renewable energy projects.
Wang also stressed his keenness to enhance cooperation in e-commerce, infrastructure, and renewable energy.
For his part, Minister El-Khatib emphasised the importance of maximising the strategic partnership through joint investments, particularly amid global economic fluctuations. He promoted Egypt's competitive advantages, including its strategic location and numerous trade agreements, which position it as an ideal hub for production and export for Chinese companies seeking access to regional and global markets.
El-Khatib said he looked forward to an expected visit by the Chinese Premier to Egypt next month, which he said would be an opportunity to translate agreements into tangible projects. He also noted Egypt's commitment to improving its investment climate and adhering to World Trade Organization rules.
During the meeting, El-Khatib reviewed the outcomes of the ninth session of the Egypt-China joint committee held last December and proposed that the tenth session be held in Egypt this year. He stressed the importance of increasing the trade volume to reflect the depth of the two countries' economic ties.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


See - Sada Elbalad
4 hours ago
- See - Sada Elbalad
Egyptian Pound Hits Highest Level against Dollar in 2025
Taarek Refaat The Egyptian pound (EGP) has climbed to its highest level against the U.S. dollar since November 2024, sparking speculation about whether the rally will continue, possibly pushing the currency higher versus dollar. Currently trading near EGP 49 per dollar, the pound has recovered from levels above EGP 51 just weeks ago. The currency's recent strength is attributed to a mix of global capital movements and increased investor confidence in Egypt's economy. The pound's appreciation is partially a result of broader global economic trends. As investors move capital away from the U.S. dollar toward emerging markets and certain developed economies such as those in Europe, currencies like the Egyptian pound are seeing upward pressure. This reallocation has led to greater inflows into Egyptian treasury bills and instruments such as Currency Investment Products (CIP), contributing to the pound's strengthening. Domestically, several structural improvements are helping support the currency. The return of both direct and portfolio foreign investments has played a critical role in boosting confidence in Egypt's macroeconomic outlook. Recent U.S. policies, including tariff escalations and mounting political pressure on the Federal Reserve to cut interest rates, have encouraged investors to look beyond American markets. Egypt has emerged as a beneficiary of this shift, attracting notable investments from China and Turkey in recent months. Additional support is expected from continued engagement with the International Monetary Fund (IMF). The Egyptian government has confirmed that reviews four through six of its $8 billion loan program will be completed by September and October, which could unlock further disbursements. So far, Egypt has received $3.5 billion under the program. At the same time, discussions are underway with Kuwait to convert $4 billion in deposits held by Egypt's central bank into direct investments, a move widely seen as a strategic shift in bilateral economic relations. In parallel, Qatar is preparing to invest in Egypt's tourism sector, particularly in North Coast and New Alamein projects, while Saudi Arabia is boosting investments in infrastructure and energy development. Despite ongoing disruptions in the Red Sea, early signs of recovery in Suez Canal traffic are contributing to a more stable foreign exchange environment. Although canal revenues fell by 54% year-on-year during the first nine months of 2025, recent crossings by large vessels are viewed as a positive signal. At the same time, tourism and remittances from Egyptians abroad are providing critical foreign currency inflows. Improved security and logistical conditions in key tourist destinations are also aiding recovery in these sectors. Annual inflation dropped to 14% by the end of June, coinciding with the pound's strengthening trend. Lower inflation has enhanced Egypt's attractiveness to foreign investors, especially those interested in high-yield government debt instruments. The result has been the return of short-term capital, often referred to as 'hot money,' as investors seek to capitalize on Egypt's relatively high interest rates before any potential rate cuts by the Central Bank of Egypt (CBE) in the fourth quarter. Analysts estimate that the Egyptian pound remains undervalued by approximately 10%, even after its recent gains. While some international institutions have suggested the pound may be undervalued by as much as 30–40%, a more conservative view places its fair value at around EGP 44.5–45 per dollar. This perceived undervaluation offers upside potential for foreign investors, reducing concerns about exit risks and further strengthening Egypt's external debt profile. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks


Al-Ahram Weekly
15 hours ago
- Al-Ahram Weekly
Egypt denounces ‘malicious propaganda' against its supportive stance on Palestine - Foreign Affairs
Egypt strongly condemned what it described as a "malicious propaganda campaign" launched by certain groups and organizations seeking to distort Egypt's supportive stance toward the Palestinian cause. Egypt also rejected the "baseless accusations" alleging its involvement in the blockade of Gaza or obstructing humanitarian aid deliveries, according to a statement issued on Thursday by the Egyptian foreign ministry. The statement emphasized 'the superficiality and lack of logic in these baseless accusations, which contradict not only Egypt's official position but also its national interests.' The claims ignore the significant role Egypt has played—and continues to play—since the beginning of the Israeli aggression on Gaza, the statement said. This includes Egypt's tireless efforts to broker a ceasefire, lead humanitarian relief operations, and facilitate the entry of aid through the Rafah crossing. Egypt has also spearheaded efforts to draft and promote a Gaza reconstruction plan that was adopted by Arab states and supported by several international parties. This plan focuses on rescuing innocent Palestinians in Gaza, delivering humanitarian aid, and initiating early recovery and reconstruction phases. These efforts 'are in line with Egypt's unwavering stance aimed at ensuring the Palestinian people's resilience and ability to remain on their land, while resisting forced displacement, land seizure, and attempts to liquidate the Palestinian cause,' read the statement. Egypt accused "malicious organizations and entities" of orchestrating propaganda campaigns aimed at fostering distrust among Arab populations and diverting international attention from the humanitarian crisis in Gaza. Cairo reiterated that the Rafah crossing, a key gateway for aid, has never been closed on the Egyptian side and that the crossing on the Palestinian side is "occupied by the Israeli occupation authorities, which prevents access through it." Egypt urged caution regarding the 'deliberate lies' exploiting the suffering of Palestinians under occupation to serve 'malicious narratives." 'These narratives are nothing more than part of psychological warfare designed to frustrate Arab peoples, create division and discord among them, and serve well-known intentions to liquidate the Palestinian cause," the statement underscored. Additionally, the statement affirmed Egypt's ongoing commitment to alleviating suffering in the Gaza Strip, securing a ceasefire, facilitating humanitarian aid delivery, and initiating reconstruction efforts. It also pledged to continue working towards unifying the West Bank and Gaza Strip, ensuring Palestinian territorial contiguity, and launching a political process for a two-state solution with East Jerusalem as the capital, based on international law and the June 4, 1967 lines. As many as 166 aid trucks entered Gaza on Wednesday through dawn Thursday through the Zikim crossing in the northern strip of Gaza and Karm Abu Salem in the southern strip, according to the Egyptian news channel Al-Qahera News. The aid shipments are the largest since Israel imposed an all-out blockade on the strip on 1 March, which pushed most of the 2.3 million Palestinians into a famine. They come amid widespread condemnation by dozens of international aid organisations and Western, Arab, and muslim nations of the Israeli policies of starving Gazans. Follow us on: Facebook Instagram Whatsapp Short link:


Al-Ahram Weekly
16 hours ago
- Al-Ahram Weekly
Egyptian FM Abdelatty concludes West Africa tour in Senegal - Foreign Affairs
Egyptian Minister of Foreign Affairs Badr Abdelatty headed on Thursday to Senegal, the fifth and final stop on his West African tour. Minister Abdelatty is scheduled to hold official talks with senior Senegalese officials and meet with representatives from both the government and the private sector, according to a foreign ministry statement. Discussions will focus on deepening bilateral cooperation in the economy, investment, and infrastructure, as well as exploring opportunities for Senegal to benefit from Egyptian expertise in training and capacity building. The visit will also address joint coordination on pressing regional issues, particularly security in the Sahel region and counter-terrorism efforts, the statement noted. Additionally, the ministers will discuss mechanisms to bolster joint African action within the framework of the African Union and other relevant regional organizations. The visit follows Abdelatty's stop in Mali, the fourth leg of his tour, which has also included Niger, Nigeria, and Burkina Faso. The trip comes after Egypt participated in the 47th Ordinary Session of the African Union's Executive Council earlier this month. Follow us on: Facebook Instagram Whatsapp Short link: