China to plan huge project in Egypt on the Mediterranean Sea

Egyptian media reports revealed on Thursday that Minister of Trade and Industry Ahmed Samir reportedly discussed the establishment of a major Chinese industrial zone on the Mediterranean.

The project aims to provide the needs of the local market, and export to the European and American markets.

Samir also discussed a proposal to settle commercial transactions in the local currencies of both countries, and discussed the proposal to establish a branch of a Chinese bank inside Egypt, in coordination with the relevant Chinese authorities, which will contribute to facilitating trade exchange between the two countries.

The Egyptian Minister held an expanded discussion session with Chinese Minister of Commerce, Wang Wentao, and his accompanying delegation, to explore ways to enhance cooperation between the two countries in various economic, investment and trade fields.

Samir said that the meeting emphasized the interest in advancing joint relations between the two countries as part of a comprehensive strategic partnership.