Visiting Chinese Minister of Commerce Bo Xilai said Sunday in Cairo that China and Egypt, as two important developing nations, have great potentials in bilateral economic cooperation.

Addressing the Egypt-China Economic and Trade Cooperation Seminar, Bo said that trade exchanges between the two countries are expected to reach some US$1.5 billion this year, more than 50 percent up from 2003.

"China has achieved great economic success during the past two decades, which enables it to secure more and better business deals with our Egyptian friends," he said.

The minister said that the Chinese government encourages Chinese companies to buy more Egyptian goods, including crude oil, cotton and other "fine Egyptian products," which drew applause from his Egyptian audience.

Bo said that the Chinese government expects more Chinese companies to come to and invest in Egypt, adding that he hopes the Egyptian government, working with the Chinese side, would help those companies find new opportunities in the country.

Egyptian Minister of Industry and Foreign Trade Rasheed Mohammad Rasheed Hussein, told the seminar that the Egyptian government has taken "specific measures" to attract more direct foreign investment, especially from China.

Some 500 Egyptian and Chinese businessmen and officials attended the seminar, which provided a platform for both sides to discuss ways of promoting bilateral economic and trade cooperation.

Bo, who is leading a high-ranking delegation, arrived in Cairo on Saturday evening for a four-day visit aimed at promoting economic cooperation between the two countries.

The visit came as part of China's efforts to further develop bilateral relations, especially economic cooperation, following a summit between Chinese President Hu Jintao and President Hosni Mubarak in January.

The delegation will also seek to further enhance Chinese investment in Egypt, especially in the Northwest Economic Zone of the Gulf of Suez.

(People’s Daily December 7, 2004)