15 major Chinese companies meet with Egypt before G20 Summit

(MENAFN- Daily News Egypt) Minister of Investment Dalia Khorshid will be leading a delegation to China Sunday to participate in the Joint Ministerial Committee in Beijing, taking place on 11 and 12 July. She will also meet with vice chairperson of the National Development and Reform Commission (NDRC) Liu He.

The Joint Ministerial Committee is being held in preparation for the G20 Summit, which will take place in China on 4 and 5 September.

The Minister of Trade and Industry, Tarek Qabil, will accompany Khorshid in an attempt to discuss a number of capacity building projects in the transportation, sanitation, and housing and construction sectors. Egypt seeks these projects in order to support its development goals.

During its visit to Beijing, the Egyptian delegation will also meet more than 15 of the leading companies in China interested in taking a greater stake in the Egyptian market, as China seeks to expand trade networks in its new project dubbed the ''New Silk Road''.

China is currently the 23rd largest foreign investor in Egypt, and there are currently 1,269 Chinese companies operating in Egypt with total contributions of $548m. 68% of the capital of these companies lies in the industrial sector, 15% is directed to financing services, while 9% is in the information and communication technology sector. China also makes up Egypt''s largest import destination with imports totaling more than $9bn, making up 11% of Egypt''s total imports. Egyptian exports to China total only $1bn, amounting to a total trade balance deficit of $8bn between both nations.