China and Egypt on Thursday probed ways to strengthen economic and trade cooperation while promoting Egypt's exports to the Chinese market so as to balance trade between the two countries.

 

At the first Sino-Egyptian conference on trade cooperation and trade deficit relief, Egyptian Minister of Trade and Industry Rachid Mohamed Rachid expressed hope that the two countries would further promote cooperation in trade, investment and service sectors while hailing the existing ties.

 

He also called for the implementation of relevant agreements signed by the two countries during the Forum on Sino-African Cooperation Summit in Beijing and Egyptian President Hosni Mubarak's visit to Beijing in November 2006.

 

What is more, he called on both sides to boost efforts to promote the export of Egyptian products to the Chinese market to improve the bilateral trade balance status.

 

Regarding the establishment of a Chinese industrial zone in the Northwestern economic zone in Suez Bay, Rachid called on Chinese and Egyptian officials to work out the final touches on the project soon.

 

For his part, visiting Chinese Vice Minister of Commerce Gao Hucheng said that Sino-Egyptian economic and trade cooperation have been seeing sound development with bilateral trade increasing rapidly.

 

As for China's trade surplus with Egypt, Gao said the Chinese government did not pursue the surplus intentionally. The Chinese government would like to see Egyptian enterprises exporting their goods to China and is ready to offer all kinds of facilities to boost Egyptian exports to the Chinese market, he said.

 

China also encourages its enterprises to invest in Egypt, he said, noting that more than 10 Chinese entrepreneurs in his business delegation have expressed interest in importing marble, flax and other goods from Egypt.

 

After the talks, enterprises from both countries signed about US$30 million-worth purchase contracts, said commercial officials of the Chinese embassy.

 

The two sides also signed an agreement on establishing a Mubarak school in Kafr Museilha, Menoufia, 65 km north to Cairo, with Chinese government grant.

 

According to Chinese embassy statistics, Sino-Egyptian bilateral trade reached US$3.19 billion in 2006, with Chinese exports to Egypt at US$2.97 billion and Chinese imports from Egypt at US$220 million.

 

Chinese enterprises' investment in Egypt totaled around US$300 million in the sectors of oil, telecommunications and port facilities.

 

(Xinhua News Agency March 30, 2007)