24 September 2018 02:26 AM

Economic Relations

Thursday، 11 December 2014 12:00 AM

During the last five decades the Egyptian-Chinese trade and economic relations have seen marked progress:

  • In 1953, Egypt sent, before establishing formal bilateral diplomatic relations, a trade official to discuss trade issues between the two countries and propose to China importing Egyptian cotton.
  • In August 1955, a trade agreement and a protocol were signed in Beijing. With Cairo having recognized the People's Republic of China on May 16, 1956, where new avenues of cooperation became available.
  • In December 1964, the two governments signed an agreement on economic and technical cooperation in Beijing.
  • In June 1972, an agreement was signed whereby China would assist Egypt in building a brick factory.
  • In October 1982, the Joint Egyptian-Chinese Committee for Technical and Electricity Cooperation was established in Cairo.
  • In March 1987, the Egyptian-Chinese Committee for Technical and Scientific Cooperation held its first meeting in Cairo. More than 10 cooperation agreements were signed in several domains including pharmaceuticals and manufacturing of medical equipment. Trade exchange in 1987 reached $135 million; of which $125 million in Chinese exports to Egypt and $10 million in Egyptian exports to China.
  • In April 1997, the figure for trade exchange jumped to $520 million; 464 million in Chinese exports to Egypt and $56 million in Egyptian exports to China. The then Prime Minister Kamal al-Ganzouri visited China where several agreements were signed including:
  1. A memorandum of understanding (MOU) on China's contribution to investments in the free zone of north-west of the Gulf of Suez;
  2. A MOU on promoting trade between the two countries;
  3. A technical and trade agreement;
  4. An agreement on cooperation in the field of family and rural development; and
  5. An agreement allowing Egyptians entry without visa into the Hong Kong Administrative region
  • In 2011, new Chinese investments worth $ 80 million were pumped in Egypt. The value of trade exchange jumped to $9 billion.
  • On November 23, 2012: A cooperation agreement was signed between Egypt and China in the field of water resources and new irrigation applications.

 

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