Egyptian delegation to boost relations
(China Daily)
Updated: 2005-04-06 08:48

The 55-strong delegation will take in Beijing, Shanghai, Guangzhou and Hong Kong during its 10-day trip, said Aly El-Hefny, the Egyptian ambassador to China.

The delegation, organized by the General Authority for Investment and Free Zones in Egypt and the Egyptian Businessmen's Association, will also attend the China-Arab Co-operation Forum, to be held in Beijing next Tuesday and Wednesday.

The delegation consists of government officials and entrepreneurs from the transportation, agriculture, tourism, information technology and textile industries.

"China and Egypt complement each other in terms of their economic co-operation. We expect a number of contracts and letters of intent to be signed this time," El-Hefny told reporters on Monday.

Large potential exists for oil and gas co-operation between the two countries.

"Egypt is privatizing its oil industry, and Chinese firms can take the opportunity to enter the market," he said.

The two countries have been doing business in the oil industry since 2002.

Chinese oil giants, such as the China Petrochemical Corp and the China National Petroleum Corporation, already have a presence in Egypt.

Meanwhile, Egypt is exporting its natural gas to countries like the United States and France. And it wishes to develop China as its new client, the ambassador said.

Wael Hamed, first secretary of the embassy's economic section, said Egypt wishes to attract Chinese investment, in sectors like garments, food and handicrafts.

"Egypt is a country for Chinese investors to make a profit," Hamed said.

He explained that Egypt has signed many economic preferential agreements with fellow Arab and African countries. When a Chinese firm enters Egypt, it enters a greater market, extending to the whole Arab and African market.

Egypt has a presence in China in the banking, food, tourism and carpet making sectors.

The Oriental Weavers Company, a famous Egyptian firm, has already invested US$10 million in China.

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