The Minister of Investment, Dr. Mahmoud Mohieldin, reviewed the development of Egyptian-Chinese economic relations as he met with an official delegation from the Chinese province of Jilin led by the province's Vice Governor, Ma Junqing.

The delegation is visiting Egypt between the 11th – 14th March 2010. The meeting was attended by a number of officials at the Chinese Embassy in Cairo.

"Investment ties have significantly developed in the past few years. Egypt is now home to 1,022 Chinese businesses, of which 85 percent were founded in the past five years alone," Dr. Mohieldin stated at the meeting.

"Egypt-China trade exchange reached $6 billion," he added. The minister is looking forward to more Chinese investments in Egypt to achieve balanced economic relations," he added.

The meeting was also joined by the General Authority for Investment (GAFI) Chairman, Mr. Osama Saleh, the General Authority for the North-West Suez Gulf Economic Zone (SEZONE) Chairman, Mr. Ahmed Amin and a number of Ministry of Investment and GAFI officials.                             
                  

On his part, the Chinese official reviewed the economic indicators of the Chinese province, which is the main hub for the automotive industry and auto-feeding industries in Northeast China.

He invited Minister Mohieldin to attend the 6th China Jilin-Northeast Asia Investment and Trade Expo, which is to be held in September 2010. This reflects the Chinese interest in further promoting economic ties with Egypt.

Dr. Mohieldin welcomed the Chinese invitation, adding: "There will be high-level participation from the Egyptian side, in addition to a number of Egyptian companies being interested in cooperation with the Chinese province, especially in auto industry, pharmaceuticals, biotechnology and food processing."
 
"It is important to increase Chinese investments in Egypt. This is the most effective way to treat the problem of trade imbalance between Egypt and China, which agreed on the principles of balanced economic relations. The Chinese investments directed to productive projects with value added will produce goods we used to import from China," remarked the minister.