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Presidents al-Sisi and Xi Jinping Launch Historic Partnership

May 30, 2024

Egyptian President Abdel-Fattah al-Sisi and Chinese President Xi Jinping declared the inauguration of the Egypt-China Partnership Year, marking the 10th anniversary of their comprehensive strategic partnership established in 2014.

In a joint statement, the leaders praised their strong partnership that is boosting both Egypt and China’s development.

Since the partnership’s launch, China has been heavily involved in key projects in the fields of  infrastructure, transportation, and the New Capital’s business district. Cooperation also extends to finance with currency swaps and Egyptian bonds sold in China.

This week, President al-Sisi commenced a state visit to China from May 28 to 31, responding to an invitation extended by Chinese counterpart Xi Jinping to participate in the 10th Ministerial Conference of the China-Arab States Cooperation Forum.

The two presidents completed the signing of the executive program for the comprehensive strategic partnership for the next five years (2024-2028) in January 2024.

The agreement prioritizes industry localization and technology transfer efforts for Egyptian-Chinese cooperation in the forthcoming years. There is significant emphasis on expanding Chinese industrial investments in Egypt, particularly in manufacturing electric cars, electronic devices, solar panels, chemical industries, and building materials.

Efforts to achieve a more balanced trade exchange include facilitating the entry of high-quality Egyptian products into the Chinese market and streamlining the import of production inputs from China for final product manufacturing in Egypt.

The agreement also includes plans to boost Chinese tourist arrivals to Egypt, encouraging direct Chinese investments in hotel establishment and management, and fostering cooperation in media, culture, science, artificial intelligence, and academia.

As per Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS), the trade volume between Egypt and China surged from USD 11.9 billion (EGP 562 billion) to USD 12.7 billion (EGP 600 billion)  between January and September 2022, marking a notable 9.8 percent increase.

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