Egypt, China probe establishing industrial zone on Mediterranean

The new zone will contribute to meeting the needs of the Egyptian local market as well as exporting to the European and American markets

Staff Writer, Arab Finance

February 29, 2024

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The Egyptian Minister of Trade and Industry Ahmed Samir has met with his Chinese counterpart Wang Wentao to mull the possibility of establishing a Chinese industrial zone on the Mediterranean Sea, a statement showed.

The new zone will contribute to meeting the needs of the Egyptian local market as well as exporting to the European and American markets.

Moreover, both ministers have reviewed a proposal on launching a branch of a Chinese bank in Egypt to facilitate trade between Egypt and China.

It is worth noting that China has been Egypt’s largest trading partner for the last 10 years, Wentao noted.

He added that his country is keen on balancing the trade balance with Egypt by boosting the Egyptian agricultural imports to China.

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