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Last updated at: (Beijing Time) Monday, April 22, 2002

Premier Zhu Confident of Sino-Egyptian Economic Ties

Visiting Chinese Premier Zhu Rongjion Sunday drew a rosy picture of the prospect of Sino-Egyptian economic and trade ties, with an emphasis on more balanced trade between the two countries. "It is imperative to expand Sino-Egyptian trade and improve the structure of bilateral trade," he said.


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Visiting Chinese Premier Zhu Rongjion Sunday drew a rosy picture of the prospect of Sino-Egyptian economic and trade ties, with an emphasis on more balanced trade between the two countries.

Addressing a luncheon hosted by the Egyptian business community, Zhu called on businessmen of the two countries to explore new ways to boost the two-way trade between the two sides.

"It is imperative to expand Sino-Egyptian trade and improve the structure of bilateral trade," he said.

China holds some advantages in terms of both the quality and prices in hi-tech and home electronic appliances industries and Egypt can provide China with oil, construction material, cotton, Zhu explained.

"China will increase imports from Egypt in various forms in the coming years," he added.

He also proposed to increase mutual investment, saying that Egypt, with a unique geographic location, will attract more Chinese investment, and China will also help to facilitate Egyptian entrepreneurs' investment in China.

Moreover, the Chinese premier urged an accelerated implementation of the agreements signed by the two sides last January on oil, tourism and the use of nuclear power for peaceful purpose.

Egypt will become a new destination for Chinese tourists starting from next month, which will not only promote bilateral cooperation in tourism, but also enhance exchanges between the two peoples, he said.

Bilateral economic and trade ties stressed
He expressed the belief that the establishment of the Sino-Egyptian Business Council last January will give new impetus to bilateral economic and trade ties.

Hailing a long history of friendly exchanges between the two peoples, Zhu said that promoting mutually beneficial cooperation conforms to the basic interests of the two countries and peoples.

Zhu expressed confidence that through joint efforts made by the two governments and business circles, Sino-Egyptian economic and trade cooperation will certainly develop further in the 21st century.

China and Egypt established strategic relations of cooperation in 1999, thanks to joint efforts made by Chinese President Jiang Zemin and Egyptian President Hosni Mubarak, he said, adding that both countries play a vital role in regional and international affairs.

The two countries are going through the same phase of development, and there exist an enormous potential and a broad prospect for bilateral economic and trade cooperation, he noted.

On China's economic situation, Zhu said that China's overall national strength and the people's living standard have been improving markedly since it began its reform and opening-up drive more than 20 years ago.

Despite the complicated and volatile global economic situation, China has successfully weathered the Asian financial crisis and a worldwide economic slowdown and maintained a good momentum of economic development, he said.

Egyptian Prime Minister Atef Obeid also addressed the gathering, calling on businessmen of the two countries to help promote mutual understanding and Sino-Egyptian economic and trade ties.



Backgrounder: China and Egypt
  • Political Exchanges

    China and Egypt established diplomatic relations on May 30,1956. And the relationship between the two countries has been developing very smoothly. In the sixties, Premier Zhou Enlai visited Egypt three times. After that, President Li Xiannian, President Yang Shangkun, Premier Li Peng, Chairman of Chinese People's Political Consultative Conference (CPPCC) Li Ruihuan, Vice Premier Zhu Rongji, Chairman of National People's Congress (NPC) Qiao Shi, President Jiang Zeming, Vice Premier and Foreign Minister Qian Qichen, etc. have visited Egypt one after another. From the Egyptian side, President Mubarak (seven times), Premier Gan Zoury , Speaker of People's Assembly Souour, etc. visited China. In April 1999,when Egyptian President Mubarak was visiting China, he signed a joint communique with Chinese President Jiang Zeming on establishing strategic cooperative relationship between Egypt and China.

  • Economic Exchanges

  • Cultural Exchanges

  • Important Bilateral Agreements and Documents

    Sources from: the Ministry of Foreign Affairs



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