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Economics & Development | Global Arab Network
Egypt, China promoting investment cooperation
Global Arab Network - - Talal Abdullah
Monday, 28 June 2010 18:05
Egyptian Investment Minister Mahmoud Mohieddin stressed the importance of promoting investment cooperation with China, especially in high-intensity labour projects.

Mohieddin made the remarks during a meeting with Chairman of Board of Supervisors of the state-owned China Investment Corporation (CIC), Jin Liqun, on Sunday.

The meeting took up means of boosting cooperation and attracting Chinese investments to Egypt, Mohieddin said.

Investment opportunities available in Egypt's Delta and Upper cities and the trade zone northwest of the Gulf of Suez were reviewed, he added.

He praised the increasing number of companies founded by Chinese contributions, which is around 1,078; 86% of which were established over the past six years.

CIC was established on 29 September 2007 with the issuance of special bonds worth RMB 1.55 trillion by the Chinese Ministry of Finance.

These were, in turn, used to acquire approximately USD 200 billion of China's foreign exchange reserves and formed the foundation of its registered capital. (SIS)

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