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Vice premier: Investment in Egypt 'mutually beneficial'

(Xinhua)
Updated: 2008-12-28 20:27

Chinese Vice Premier Li Keqiang said on Friday that investment from Chinese enterprises in Egypt is mutually beneficial and will create a win-win situation, according to a press release issued on Sunday.

Li made the remarks when attending the ground-breaking ceremony of auxiliary project of Cairo International Conference Center, together with Egyptian Minister of Foreign Trade and Industry Mohammed Rashid.

Chinese Vice Premier Li Keqiang (R) shakes hands with Egyptian Prime Minister Ahmed Nazef during Li's official visit to Egypt in Cairo, Egypt December 25, 2008. [Xinhua]

Li said about 600 Chinese companies currently have invested in Egypt which not only bring friendship, funds and technology to support Egypt's economic construction, but promote China's economic growth as well.

The grwoth of world trade volume began to decline due to global financial crisis but it still has potential to explore the markets in developing countries, as the rapid increase in China-Egypt trade volume this year is a clear proof, Li said.

Chinese enterprises have more advantages and experience in infrastructure construction and tourism, exposition industries, he said, adding that China is willing to further strengthen cooperation for common development.

Rashid agreed Li's remarks, saying that the Egyptian government will facilitate the pragmatic cooperation between Egyptian and Chinese companies.

Rashid said he hope entrepreneurs in both countries could seize the opportunity to push bilateral trade cooperation to a new high with the advantages of both sides.

Li said Egypt has an important geographic location, and to deepen bilateral cooperation is significant in promoting economic development of both countries and expanding new markets.

Around 500 representatives from government and companies of China and Egypt as well as those in charge of the project attended Friday's ceremony.

According to Chinese statistics, trade volume between China and Egypt reached more than $5.3 billion as of October this year, a 44-percent increase compared with the same period of last year.