Chinese minister sees bright future for Egyptian economic zone

Visiting Chinese Minister of Commerce Bo Xilai stressed Monday in Cairo that an Egyptian economic zone will enjoy a bright future with more Chinese companies expected to come and invest.

"Both Egypt and China are committed to setting the Northwest Economic Zone of the Gulf of Suez as an example of bilateral economic cooperation," Bo told a working meeting on the development of the economic zone.

He said that Egypt had made a lot of efforts to make the economic zone a success, adding that it would enjoy healthy development with good planning and improved infrastructure.

China encourages qualified Chinese companies to invest in the economic zone, he said.

Egyptian Minister of State for International Cooperation Fayza Abul Nagaa, told the gathering that Egypt thanks China for its help in developing it, expressing hope that more Chinese investors will come.

She said that Egypt has taken a host of measures to attract foreign investment and offered preferential policies toward Chinese companies which invest in the zone.

The two ministers also talked about bilateral trade issues, with Bo promising to encourage Chinese companies to buy more Egyptian products, including crude oil and cotton.

At the end of the meeting, the two officials signed an agreement, under which China offers 30 million yuan (about 3.6 million US dollars) to help Egypt launch the second phase of a long-distance teaching project.

The two ministers also witnessed the signing of four other agreements signed between Chinese and Egyptian companies, which amounted to 95 million dollars.

Bo, who is leading a high-ranking delegation of officials and entrepreneurs, arrived here Saturday evening for a four-day visit aimed at promoting economic cooperation between the two countries.

The visit came as part of China's efforts to further develop bilateral relations, especially economic cooperation, following a summit between Chinese President Hu Jintao and Egyptian President Hosni Mubarak in January.