Egyptian and Guangdong officials on October 20 signed 22 contracts on trade and economic cooperation worth a total value of 400 million USD during a business conference in the province.
With these contracts, China and Egypt are expected to cooperate in tourism, agricultural and power projects and to establish automobile, spare parts, home appliances and electronics factories in Egypt.
The conference, entitled "Economic and Trade Cooperation Between Guangdong Province and Egypt" was attended by Guangdong Governor Huang Huahua, Egyptian General Authority for Investment Chairman Osama Saleh and more than 1,000 businessmen.
Governor Huang said that the total import and export volume between Guangdong and Egypt has increased five times in the past six years reaching 123 million USD in 2009. This accounts for one fifth of the total foreign trade volume between China and Egypt.
Saleh on behalf of Egyptian Minister of Trade and Industry Rashid Mohammed Rashid, said the relationship between Egypt and China dates back more than 50 years as Egypt was the first Arab and African country to recognize China in 1956. "Some 1,079 Chinese companies are now operating in Egypt, raising the Chinese investments to 323.9 million dollars from 1970 till 2010," said Saleh.
