CIIE to deepen China-Egypt business cooperation

By Hisham Abu Bakr Metwally
0 Comment(s)Print E-mail, November 10, 2019
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The south square of the National Exhibition and Convention Center (Shanghai), a main venue for the second China International Import Expo (CIIE), Nov. 4, 2019. [Photo/Xinhua]

Given the current uncertainty in the global business and trade environment, China has played a positive role in promoting global cooperation by implementing a series of opening-up measures and giving a growth impetus to the world economy. The China International Import Expo (CIIE), a platform for businesses around the world to tap on China's market potential and enhance mutual exchanges, has demonstrated China's proactive actions to share its huge opportunities with the rest of world. 

International businesses and local companies from around the world have been eyeing the CIIE in Shanghai for quite some time, as the Chinese market, with its population of 1.4 billion, holds numerous opportunities and potential for cooperation. With China's reform and opening-up policies to widen its market access, Chinese markets have become more mature, attracting an increasing number of foreign companies to operate in its fair business environment. 

Many countries hope to build new trade routes and infrastructure capable of stimulating growth in all countries of the world and sharing development with them. China has shown its sincerity with a series of opening-up policies to share development and opportunities with everyone without discrimination.  

Workers distribute newly harvested oranges at an orange packhouse in Beheira province, Egypt, Jan. 24, 2018. [Photo/Xinhua]

China is currently Egypt's largest trading partner, and the latter has benefited greatly from China's development in recent years. Trade between Egypt and China surpassed $13.8 billion in 2018. Egyptian exports to China of vegetables and fruits achieved remarkable growth during the first eight months of this year compared to 2018, according to the latest statement from the Egyptian Trade Representation Office in Beijing. Egyptian citrus exports (especially orange) to China rose to $134 million from January to August 2019, an increase of 65.8% compared to 2018 levels. In addition, the trade value of Egyptian frozen strawberry exports to China doubled between January and August 2019 to $11.2 million, marking an increase of 115% compared to $5.2 million in 2018. 

The CIIE not only provides Egypt with a good chance to showcase its development, domestic investment opportunities as well as the opportunity to learn from other countries to improve its business environment, but also offers the country a chance to promote its history, culture and social accomplishments in the international arena. 

As many as 23 major Egyptian companies participated in the second CIIE this year. They hope to seize the tremendous opportunities in the massive Chinese market and establish more business partnerships so as to create more jobs and boost economic growth in Egypt. 

Deals worth $58 billion were signed at the first CIIE, and with its larger scale, the second event is expected to bring about more cooperation across a wider range of areas. As a result, more countries and people will benefit from its outcomes, which will lead to a more stable global economic environment. 

Hisham Abu Bakr Metwally is the first economist researcher at the Egyptian Ministry of Foreign Trade and Industry.

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