
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


Mada
an hour ago
- Mada
Source: Al-Azhar grand imam withdrew call to save Gaza at foreign minister's request
Al-Azhar withdrew a Tuesday night statement in which it had called on 'active and influential forces' to stop Israel's genocidal war and mass starvation of Palestinians in Gaza. The following afternoon, it justified the withdrawal in a new statement from its media office in which it said it 'realized' the statement 'could affect the ongoing negotiations.' According to Al-Azhar, the decision to withdraw, which it called brave and responsible, came so the statement 'would not be used as an excuse to retreat from the negotiations or to bargain in them.' A source close to Grand Imam of Al-Azhar Ahmed al-Tayeb told Mada Masr on condition of anonymity that Tayeb withdrew the statement after Foreign Minister Badr Abdel Atty urged him to do so, saying it may obstruct negotiations that are close to reaching a solution that would allow humanitarian aid to enter the besieged Gaza Strip. Palestinians in Gaza have been under an almost total siege since March. The recalled statement came amid increasing global calls to end the war and stop Israel's mass starvation of Palestinians, as the number of people dying from starvation and malnutrition rises. Ten people died from malnutrition-related causes in the last 24 hours, according to Gaza Health Ministry spokesperson Muneer al-Barsh. Tuesday's statement called on 'active and influential forces to do their utmost' to compel Israel to halt its systematic killing of Palestinians, 'immediately allow the entry of humanitarian and relief aid, and open all avenues for treating the sick and injured whose health conditions have deteriorated as a result of the Occupation's targeting of hospitals and medical facilities, in flagrant violation of all divine laws and international conventions.' It was removed from its pages hours later without comment until the following afternoon. The source explained that Tayeb made the decision to remove the statement in case doing so could expedite the entry of 'one bag of flour' to the people of Gaza in light of Abdel Atty's warnings that the ongoing negotiations would be 'ruined' by its publication, which came on behalf of the Egyptian and Qatari mediator according to the source. Last week, Doha was still hosting the first phase of a new round of negotiations that aims to reach an 'agreement of principles' that would serve as a basis for indirect ceasefire talks. At the same time, the United States, Qatar and Egypt presented both Palestinian factions and Israelis with an updated proposal for a ceasefire and prisoner exchange. But negotiations have stalled over Hamas's demands for a guarantee that Israel will not resume its war, and over the extent to which the Israeli military will withdraw from areas its forces are occupying in the Gaza Strip. Even amid talks toward a negotiated ceasefire, Israel has established newly fortified areas while Israeli Prime Minister Benjamin Netanyahu has declared plans to concentrate most of the Palestinians in Gaza to a confined area, which he dubbed a 'humanitarian city,' near the border with Egypt and resume the war once the truce supported by the US and the mediators ends. The deleted statement said that 'thousands of children and innocent people are being killed in cold blood, while the ones who survive are facing death from hunger, thirst, dehydration, the depletion of medicine and the failure of medical centers to save them from certain death.' It also declared Al-Azhar's 'disavowal before God of this suspicious global silence, the shameful international failure to support these defenseless people, and of any call to displace the people of Gaza from their land, and anyone who accepts or responds to these calls.' The statement, covered widely by domestic press before its withdrawal, which led to some coverage being taken down, was not the first from Tayeb concerning the genocidal war on Gaza. Since October 7, he has expressed solidarity with the people of Gaza, rejection of their displacement, criticism of the Israeli occupation and support for the Palestinian resistance on multiple occasions. This rhetoric does not always align with the official government discourse. Abdel Atty had contacted Tayeb on a previous occasion to change the wording of one of these statements, in parallel with a similar request which came at the time from a 'sovereign body,' according to the source. Al-Azhar's deleted statement comes as humanitarian conditions in the Gaza Strip deteriorate, amid an increase in the number of deaths from hunger and malnutrition as a result of Israel's starvation policies. Israel has been preventing the entry of humanitarian aid for months, blocking the regular aid entry and distribution mechanisms, while Israeli forces open fire on a daily basis at the people who approach the aid distribution centers designated by Israel. Thirty Western countries called for an immediate end to the war in Gaza on Monday, saying that the suffering of Palestinians has 'reached new depths.' The joint statement condemned 'the drip feeding of aid and the inhumane killing of civilians, including children, seeking to meet their most basic needs of water and food,' noting that 'over 800 Palestinians have been killed while seeking aid.' The group also condemned Netanyahu's plans to displace the population to a 'humanitarian city' as a violation of international humanitarian law. For its part, Hamas pointed yesterday to 'the extent of blackmail practiced by the Occupation through its committing of massacres in a desperate attempt to extract positions it has been unable to impose at the negotiating table.'


See - Sada Elbalad
an hour ago
- See - Sada Elbalad
PM: 80% of Workforce at El-Dabaa Nuclear Power Plant "Egyptian"
Taarek Refaat Egyptian Prime Minister Mostafa Madbouly visited the El-Dabaa nuclear power plant construction site on Wednesday, where he confirmed that Egyptian workers now make up more than 80% of the workforce. The announcement reflects the government's growing emphasis on domestic capacity building in one of the most technically advanced infrastructure projects in the nation's history. Accompanied by the Ministers of Electricity and Renewable Energy and Finance, as well as senior officials from the Russian contractor Atomstroyexport and Egypt's Nuclear Power Plants Authority, the Prime Minister marked the occasion by commemorating the 73rd anniversary of Egypt's 1952 revolution. "This site holds deep national significance," Madbouly said. "It has been a dream of Egyptians since the mid-20th century—to see Egypt enter the nuclear era through peaceful energy production." The El-Dabaa project, located on Egypt's northern Mediterranean coast, remained a long-standing aspiration for decades, appearing in school curricula and state planning documents. According to Madbouly, the dream began to turn into action in 2015 with the signing of the initial agreement between Egypt and Russia. Construction officially began in December 2017. The plant will consist of four nuclear reactors with a combined capacity of 4,800 megawatts. The first unit is expected to be operational in the second half of 2028, with the remaining three units scheduled for completion in 2029. Egypt is adhering to a closely monitored construction schedule, with ongoing collaboration between Egyptian and Russian teams. 'We are witnessing this dream become reality,' Madbouly said. 'This is a source of pride for every Egyptian.' The Prime Minister emphasized that more than 80% of the thousands of workers currently on-site are Egyptian, highlighting the nation's growing expertise in large-scale engineering and energy projects. "This is a matter of national pride. Seeing tens of thousands of Egyptian engineers and workers trusted to build such a complex project reflects our true capabilities," he added. The El-Dabaa project plays a key role in Egypt's Vision 2030, which targets a 42% share of electricity generation from renewable and clean energy sources. Nuclear energy is viewed as a critical pillar of this transition. Madbouly concluded his remarks by thanking all partners and agencies involved, expressing confidence in Egypt's ability to deliver on time and within scope. 'We are not just building a power plant—we are building a future powered by knowledge, sovereignty, and clean energy,' he said. 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


See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Egyptian Pound Gains Further as Dollar Falls Below EGP 49
Taarek Refaat The Egyptian pound continued its upward trajectory on Wednesday, with the US dollar falling below the symbolic 49-pound mark across major Egyptian banks for the first time in weeks. The move reflects growing confidence in Egypt's foreign currency flows, buoyed by a dramatic surge in workers' remittances and a narrowing current account deficit. According to the Central Bank of Egypt (CBE), the dollar traded at an average of EGP 49.02 for buying and EGP 49.12 for selling in early transactions. The lowest recorded buying rate stood at EGP 48.95, offered by Housing and Development Bank, while the highest selling rate reached EGP 49.32 at Abu Dhabi Islamic Bank. The recent appreciation of the pound, by roughly 20 piasters in just 24 hours, comes on the heels of robust macroeconomic data. Expatriate Egyptians sent home approximately $26.4 billion in the first nine months of fiscal year 2024/25, marking a staggering 82.7% year-on-year increase. Analysts say this inflow has provided a critical cushion for Egypt's foreign reserves and helped stabilize the local currency. At the National Bank of Egypt and Banque Misr, two of the country's largest state-owned lenders, the dollar stood at EGP 49.02 for buying and EGP 49.12 for selling. The Commercial International Bank (CIB) mirrored these rates, indicating a broad-based alignment among top institutions. Bank of Alexandria posted a slightly more favorable rate for buyers at EGP 49.00, while the Housing and Development Bank undercut the market further at EGP 48.95. Meanwhile, the Abu Dhabi Islamic Bank offered the highest rates, with the greenback priced at EGP 49.22 (buying) and EGP 49.32 (selling), likely reflecting stronger demand among its clientele for dollar liquidity. 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