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China to establish 50 factories near Suez canal

(CNTV)    18:40, August 07, 2015

Acting as a gateway to the Atlantic ocean, Mediterranean Sea, and the Indian Ocean, the Suez Canal shortens the distance between the east and the west. It has great strategic and economic value. The Suez canal project will not only benefit Egypt, but also meets China's ambitious "one belt, one road" initiative.

The Belt and Road Initiative is China's trade and investment channel with Asia , Europe and Africa. Over 60% of the world's transport of trade is by ships. That's why the Maritime Silk Road, is an essential component of the Belt and Road Initiative.

Experts say the new Suez canal project, located in the centre of the route to the Middle East, North Africa and Europe, will play an integral role in the success of China's initiative .

Ahmed Sufy Abu Taleb trades with China. He says bilateral trade has increased 3 folds in the last 5 years reaching $10 billion. China signed investment MOUs this year worth $10 billion, in the energy and transportation sectors. But actual projects on the ground so far, don't exceed one billion. Abu Taleb, says there is room for more after the opening of the new suez canal.

The construction of the suez canal project coincides with the development of China's maritime silk road. If all goes to plan, both projects will complement each other to become a win win situation for Egypt and China.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Ma Xiaochun,Bianji)

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