In recent years, China has accelerated its policy of strengthening ties with countries in the Southern Hemisphere, as evidenced by the development of its broader relations with Egypt under the umbrella of the China-Egypt Comprehensive Strategic Partnership. They are making a large investment. In Egypt, this is particularly evident in agriculture, technology, steel, construction, textiles and tourism.
Egyptian President Abdel Fattah el-Sisi on May 13 inaugurated the first phase of a major project in west Cairo, built with the assistance of China’s Famsan Group and aimed at food security and agricultural exports. Egypt is expected to make significant savings by covering the costs of the project, which also includes the establishment of an industrial zone for food production. Egyptian Pound Not US dollars.
Through presidential diplomacy and meetings between Chinese and Egyptian officials, Egyptian-Chinese relations have been developing in the economic, political, cultural and security fields. Chinese ambassador to Egypt Liao Liqiang said last month that “the development of bilateral relations has accelerated and is currently at its best.”
Earlier this week, Huawei Technologies Arabic large-scale language model At the Huawei Cloud Summit in Cairo, Huawei unveiled the automatic speech recognition feature of its Arabic LLM (Master of Laws) program, which Huawei claims has a 96 percent accuracy rate and covers more than 20 Arabic-speaking countries.
Similarly, as part of its efforts to promote mutual cultural understanding, the Shanghai Museum has announced the opening of an exhibition titled “Atop the Pyramids: Ancient Egyptian Civilization,” which is likely to be the largest exhibition of ancient Egyptian civilization in Asia.
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China is building Egypt’s new capital in the desert under its Belt and Road Initiative
China is building Egypt’s new capital in the desert under its Belt and Road Initiative
Located on the northeastern tip of Africa, Egypt is strategically located connecting Africa, the Middle East, Asia and Europe, which is why it was the first country that Foreign Minister Wang Yi met with at the summit. Traveling around Africa In January. Wang meets with Sisi He met with senior Egyptian officials in Cairo, aiming to accelerate momentum toward improving bilateral relations and strengthening political and economic cooperation between the two countries.
China considers Egypt an important investment destination. Chinese investors are investing in New Alamein City and Suez Canal Economic ZoneChina is one of Egypt’s largest trading partners, with Chinese exports to Egypt growing at an annual rate of more than 14 percent over the past 25 years, while Egyptian exports to China have grown at an average annual rate of nearly 18 percent over the same period.
With interest rates in the West still high, China’s domestic capital market looks more attractive to Egypt and other African countries seeking low-cost borrowing and financing. Egypt’s Accession Chinese investment in Egypt has begun to surge since the country’s membership in BRICS officially came into effect in January.
For example, Chinese home appliance giant Haier Group opened its first industrial park in Egypt on May 2. In April, China State Construction Engineering Corporation opened a structural steel manufacturing plant in the China-Egypt Teda-Suez Economic and Trade Cooperation Zone.
A mobile phone shows the website for Egypt’s Suez Canal Economic Zone, which has signed investment agreements with Chinese companies worth more than $8 billion. Photo: Shutterstock
Also in April, China’s Wu Xinfeng signed a contract to build a $297 million facility to produce hot-rolled steel coils and auto engine blocks, creating about 1,200 jobs. That same month, Chinese companies signed 14 contracts for a number of projects in Egypt during the China-Egypt Zhejiang Economic Forum, aiming to strengthen cooperation with major Chinese companies.
Egypt has partnered with a Chinese company to launch its first electrified light rail transit system, linking the Greater Cairo area with the capital. New Administrative CapitalEfforts are also underway to establish an integrated textile manufacturing city in Egypt worth $300 million in Chinese investment. Additionally, China built a huge cement factory in Beni Suef in 2018 and is funding the construction of Africa’s largest vaccine storage center in 2022.
China and Egypt have also shown strong cooperation in the fields of media and satellite technology. China hosts African journalists and media experts for training every year, and promotes visits between Chinese and African media personnel. For example, Egyptian journalists and media personnel visited Beijing last year and met with Chinese counterparts from the Global Times and state-run television station CGTN.
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Why is Egypt’s Suez Canal so important?
Why is Egypt’s Suez Canal so important?
In March, China strengthened its alliance with the Egyptian Space Agency by signing a protocol on the operation of Egypt’s remote sensing satellite MisulSat-2, China’s first satellite. Assembled and tested in Africa MisulSat-2 was launched from northwest China in collaboration with the Egyptian Space Agency and funded by Beijing to collect data for land and water resource development in Egypt.
Building a global community with a shared vision for the future is central to China’s approach to diplomacy and modernization, and Egyptians can similarly attach great importance to it and incorporate it into their pursuit of economic development. After all, Egypt was the first Arab and African country to establish diplomatic relations with China following its modern founding in 1956. That same year, China provided Egypt with $4.7 million in aid during the Suez Crisis.
China and Egypt have built a strong relationship that benefits both countries and Africa as a whole, drawing on their great historical and cultural heritage.
