Zhang Shenfeng, vice chairman of the China Council for the Promotion of International Trade (CCPIT), speaks during a seminar in Cairo, Egypt, on Nov. 6, 2019. A seminar on China-Egypt economic and trade cooperation kicked off in Cairo on Wednesday with participation of important companies from both countries. (Xinhua/Wu Huiwo)
CAIRO, Nov. 6 (Xinhua) -- A seminar on China-Egypt economic and trade cooperation kicked off in Cairo on Wednesday with participation of important companies from both countries.
Under the auspices of the China Council for the Promotion of International Trade (CCPIT), the key participants focused on the opportunities of investments in Egypt and means of enhancing cooperation in industrial, logistics, agricultural and oil fields.
"Egypt is an Arab, African developing country with a unique geographic advantage on the route of Belt and Road Initiative and could be a hub for investment," said Zhang Shenfeng, vice chairman of the CCPIT.
In recent years, the two countries have ushered in a period of rapid development, he said, noting that at the end of 2018, the bilateral trade volume reached 13.83 billion U.S. dollars.
The Chinese companies have paid a visit to the economic zone in the Suez Canal to study the potentials for investment and development in the area, he said.
The CCPIT is committed to promoting the technological cooperation with other countries including the Egyptian government, Zhang said.
"The Egyptian and Chinese companies present today are eager to promote economic cooperation and carry out dynamic exchanges between the two countries," he added.
Han Bing, minister counselor for economic affairs of the Chinese embassy in Egypt, agreed that the strategic location of Egypt along with its membership in many free trade agreements have given the country a preferential trade status.
"Egypt is an important window for cooperation in Africa," Han said.
He mentioned the project of Central Business District in the Egyptian New Administrative Capital which is under construction by a Chinese company as a model for cooperation at the infrastructure level between Egypt and China.
In the investment field, he said the Egyptian government seeks foreign investments for the future development by introducing preferential incentives and by maintaining transparency in concluding the companies' registration procedures.
Chairman of state-run Banque Misr Mohammed al-Etriby said the bank has already signed a memorandum of understanding with the CCPIT to enhance the international trade cooperation.
To facilitate the work of the Chinese and Egyptian companies in both Egypt and China, al-Etriby said Banque Misr will launch a new service to start dealing with yuan and opening bank account in the Chinese currency.
He pointed out that the trade deals that Egypt signed with many African, Arab and European countries combined with its location in the heart of the Belt and Road Initiative as well as the unprecedented growing mutual ties between Egypt and China at the economic and trade level will facilitate the cooperation between both countries' enterprises.
"The Chinese companies will not only export its products to the 100 million Egyptian consumers but to more than 2.2 billion consumers around the world," he added.
On the sidelines of the seminar, the CCPIT and Flow Shipping, an Egyptian company that provides logistic and shipping services near the port of Alexandria, signed a memorandum of understanding for cooperation.