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 Overseas Ministry confirmed on Wednesday.
Brazil, Russia, India, China, and South Africa (BRICS) is a political and economic 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 enlargement 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 change into one among Egypt’s largest buying and selling companions and a serious supply of funding in infrastructure, vitality, and know-how initiatives. Egypt is a key partner in China’s Belt and Highway Initiative (BRI) and performs a strategic function as a gateway to African markets. The Suez Canal Financial Zone, specifically, has seen increased Chinese language involvement by means of joint industrial initiatives and logistics hubs.
The upcoming go to by Premier Li is anticipated to additional reinforce these ties, with discussions prone to deal with commerce enlargement, infrastructure improvement, inexperienced vitality 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 investment in China climbed to USD 208.4 million (round EGP 6.4 billion), reflecting a pointy uptick in bilateral financial trade.