The total volume of Egypt’s foreign trade with China recorded around US$13 billion in 2015, Chairman of Egyptian Commercial Services Office (ECS) Ahmed Antar stated Monday.
He added that Chinese imports to Egypt reached around US$12 billion in 2015 while Egyptian exports to China had not exceeded US$1 billion.
He made these remarks on the sidelines of the conference held by Egyptian Chinese Trade Centre to promot investments in Egypt and cooperation between Egyptian and Chinese firms. The conference was held with the attendance of 40 Chinese firms.
About the agreement signed with China over forming a business council including Silk Road states, Antar described it as a great chance for Egypt to boost investment volume and mutual trade with China within the coming period.
On Monday, Federation of Egyptian Chambers of Commerce (FEDCOC) signed an agreement with China to form a business council including the 65 countries alongside the Silk Road .
Egypt’s imports from China are expected to drop by around 60 percent during 2016, Antar added, noting that Egyptian-Chinese ties are ‘remarkable’.
He added that Egypt’s participation in Silk Road project would increase mutual trade relation between Egypt and China.
Antar stated that there are around 1,200 Chinese firms investing US$548 million in the Egyptian market.
The Chinese investments are highly expected to grow within the upcoming period notably after the move of Egypt’s government to liberalise exchange rate, the chairperson said.
