Chinese language Premier Li Qiang is scheduled to start a two-day official go to to Egypt on 9 July, following his participation within the BRICS Summit in Brazil, the Chinese language International Ministry confirmed on Wednesday.
Brazil, Russia, India, China, and South Africa (BRICS) is a political and financial coalition of main rising economies. In 2023, BRICS expanded to incorporate Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).
The journey comes amid rising momentum in China-Egypt relations, which have seen vital growth lately. Egyptian President Abdel-Fattah Al-Sisi traveled to Beijing in Could of this yr, the place he held talks with President Xi.
The 2 leaders reaffirmed their international locations’ dedication to a five-year cooperation framework, signed agreements throughout a number of sectors, and celebrated the tenth anniversary of upgrading bilateral ties to a complete strategic partnership.
China has turn into one in all Egypt’s largest buying and selling companions and a significant supply of funding in infrastructure, power, and expertise initiatives. Egypt is a key associate in China’s Belt and Highway Initiative (BRI) and performs a strategic function as a gateway to African markets. The Suez Canal Financial Zone, particularly, has seen elevated Chinese language involvement by means of joint industrial initiatives and logistics hubs.
The upcoming go to by Premier Li is predicted to additional reinforce these ties, with discussions more likely to deal with commerce growth, infrastructure improvement, inexperienced power cooperation, and regional safety points.
It additionally displays China’s broader diplomatic outreach to Africa and its efforts to solidify alliances amid shifting geopolitical dynamics.
Chinese language funding in Egypt rose to USD 956.7 million (round EGP 29.6 billion) within the fiscal yr 2022–2023, up from USD 563.4 million (round EGP 17.4 billion) in 2021–2022. In the meantime, Egyptian funding in China climbed to USD 208.4 million (round EGP 6.4 billion), reflecting a pointy uptick in bilateral financial trade.
