Chinese-Egyptian economic relations align as ministries sign MOUs with Chinese companies

Mohamed Alaa El-Din
2 Min Read
Minister of Investment Ashraf Salman

The Ministry of Communications and Information Technology signed a three-year Memorandum of Understanding (MOU) with the Chinese international company Tus Holdings, for cooperation in the provision of an advisory platform for the Ministry that will facilitate the management and creation of technological zones in Egypt.

The agreement comes within the activities of the visit of the Chinese president to Egypt, a continuation of the comprehensive strategic partnership launched by President Abdel Fattah Al-Sisi with President Xi Jinping of China in December 2014.

According to the MOU, Tus Holdings will present an offer to China and Egypt to design, build, and operate the technological zones in Egypt as part of the Belt and Road Initiative. The company seeks to become a short- and long-term adviser to the technological zones in Egypt, providing support to the Ministry of Communication in plans to implement two technological zones before the end of 2016.

Meanwhile, Ministry of Investment and Ministry of Trade and Industry signed an agreement with the Chinese Trade Ministry and the Chinese Reform and Development Commission to increase trade and economic relations between the two countries, as well as boosting the technical cooperation and maximising trade and investment productivity between the countries.

Minister of Investment Ashraf Salman signed a trilateral MOU between the Ministry of Investment, a Chinese glass fibre company, and a China Development Bank in order to increase the company’s production capacity in Egypt.

Salman also signed a MOU between HoldiPharma and a Chinese insulin and pharmaceutical raw biomaterials company. Chairman of HoldiPharma Adel Abdel Halim attended the signing.

Minister of Investment witnessed the signing of a restructuring and development contract for some public textile companies. The contract was signed between the Cotton and Textiles Industries Holding Company (CTIHC) and an American consulting firm. Hamad Moustafa, head of CTIHC, attended the signing.

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