Egypt, China discuss debt-for-development swap scheme
The ministry said in a statement that Liqiang made his remarks during a meeting in Cairo on Wednesday with Egypt's Minister of Investment and External Trade Hassan El-Khatib.
In October 2023, Egypt signed a debt swap deal with China to fund development projects. It also previously signed debt swap deals with Germany and Italy for the same purpose.
Egypt's external debt stood at $155.2 billion in the first quarter of the fiscal year 2024/2025.
The statement added that Liqiang highlighted Chinese companies' increasing interest in expanding their investments in Egypt.
He reaffirmed China's commitment to closer cooperation with Egypt in advanced technologies, including 5G networks and satellite technology.
Moreover, according to the statement, Liqiang stressed that this cooperation is part of a broader economic alliance between the two countries since Egypt is a BRICS member and China's partner in the Belt and Road Initiative.
He reiterated China's commitment to creating jobs in the Egyptian market and working with Egypt to turn economic challenges into development opportunities.
"China steadfastly adheres to international trade rules while ensuring mutually beneficial economic cooperation," the statement quoted Liqiang.
In return, according to the statement, El-Khatib urged China to expand cooperation in strategic industries, including the automotive sector, battery manufacturing, and renewable energy.
He highlighted Egypt's position as a pivotal hub for investment and manufacturing, with access to over 70 global markets via trade agreements.
Moreover, the statement continued, El-Khatib further underscored the importance of an annual Egyptian-Chinese business forum to exchange expertise and foster stronger alliances between the two countries' public and private sectors.
He announced he would soon visit China to meet with senior government officials and business leaders in several provinces to outline Egypt's economic policies and investment opportunities.