Egypt's political determination to establish diplomatic ties with the People's Republic of China in 1956 was guided by principle. There were common interests too, and relations between the two nations continue to contribute to their respective prosperity.
The recently exchanged successive high-level visits between leaders of both nations are indicators of the compatibility that enhances opportunities toward comprehensive strategic cooperation; especially since there are enormous opportunities between the two parties to exchange benefits equitably.
There are huge opportunities for Sino-Egyptian economic cooperation, and the leaders of both nations have wisely outlined the salient features of their respective economies' volume and performance, the realities of their economic relations, and decided to develop them institutionally into viable strategic relations.
During his latest and sixth visit to China in April, Egyptian President Abdel Fattah El-Sisi asserted that his many visits are the best proof of the deep and growing ties between the heirs of the two oldest civilizations.
Besides their historical and strong political bonds, Egypt and China have strong economic relations. In 2014, ties between the two nations were upgraded to a comprehensive strategic partnership. Bilateral trade crossed $13.87 billion in 2018, once again making China Egypt's largest trade partner and top exporter to the country.
Direct Chinese investment in Egypt now exceeds $8 billion. Around 1,080 Chinese companies are operating in Egypt in various sectors, notably industry, information technology and economic zones. Indeed, Egypt has launched massive mega-projects yielding substantial profits and offering many investment opportunities, prime among them being the development of the Suez Canal Zone.
A major pillar of the Sino-Egyptian partnership is the Belt and Road Initiative. President El-Sisi affirmed during his active participation at the Second Belt and Road Forum for International Cooperation this April that the goals of the initiative accord with Egypt's efforts to carry out mega projects that aim at achieving great profits and creating lots of investment opportunities. Topping the list is the Suez Canal Development Corridor that targets transforming the Suez Canal region into an industrial, commercial and logistics hub that offers huge investment potential to Chinese companies, Belt and Road countries, and all other countries of the world who wish to benefit from Egypt's strategic location as a gateway to the Arab world, Africa and Europe, all connected to Egypt by free trade agreements.
A set of initiatives has been elaborated, subject to mutual agreement, to give impetus to the pace of bilateral cooperation.
Lauding the Belt and Road Initiative, Egypt's President El-Sisi highlighted that it covers a wide range of sectors that are vital to implementing Egypt's Vision 2030 for sustainable development and most importantly for improving its transport, energy, information technology infrastructure and interconnectivity projects.
The Initiative also aligns with Egypt's development priorities, he said, noting that it assists in stimulating economic growth, boosting industry and shoring up Egypt's trade and economic cooperation, apart from increasing its trade movement, consolidating its financial integration and promoting people-to people interaction and cultural exchanges with other countries around the world.
Sino-Egyptian relations were founded on the principle of solidarity among peace-loving peoples, and exchanging economic and political benefits on a fair basis constitutes a salient feature in these relations, especially at the present time.
In light of successive changes in the international political and economic environment, countries that believe in cooperation, peace and integration with the international economy on a fair and equitable basis should come together. This cooperation will strengthen their position and stature in the international economy and in any negotiations concerning the governing policies of international relations.
Egypt believes that China is a major partner with which it is keen to develop special economic and political relations, particularly in light of their economic potentialities and compatibility.
Both countries continue to work together closely to develop and upgrade the most viable mechanisms of coordination and consultation at various levels, including high levels, in order to consolidate their strategic partnership and maximize mutual benefits.
Egypt is currently witnessing a sound economic breakthrough marked by sustainable growth, an eco-system increasingly attractive to foreign financial flows and foreign direct investment. China has great experience and resources, which are available for Cairo to benefit from.
Egypt's economic rise, geopolitical endowments, and strong national capabilities provide China with unique opportunities to enhance its economic benefits across the region. Both nations, therefore, are bound by a practical and solid win-win mutually lucrative strategic partnership, as both diligently march along a rising path toward welfare and prosperity.
The author is assistant foreign minister of Egypt for Asia, Australia, New Zealand and the Pacific Islands. The author contributed this article to China Watch, a think tank powered by China Daily. The views do not necessarily reflect those of China Daily.
