Chinese vice premier proposes on China-Egypt trade balance

(Xinhua)
Updated: 2008-12-27 20:38

CAIRO - Visiting Chinese Vice Premier Li Keqiang has proposed steps to realize trade balance between China and Egypt, sources with the Chinese Foreign Ministry said on Saturday.

China attaches great importance to the issue of trade imbalance between the two countries, and China wants to develop "comprehensive, balanced and sustainable" trade ties with Egypt, Li said in his speech at a business forum Thursday in the Egyptian capital.

He urged the two countries to maintain the steady growth of merchandise trade and at the same time transform bilateral trade structure from merchandise trade mainly to multi-fields with equal importance.

He said the Chinese side is ready to promote such transform and hopes to gradually realize the overall balance of economic and trade relations with Egypt.

Li also called on both sides to enhance investment cooperation, saying China will support its enterprises with strong capabilities, good reputation and promising growth prospects to invest and open businesses in Egypt, and will also provide convenience for business activities of Egyptian enterprises in China.

He added that China is glad to see more Chinese tourists visiting Egypt, and will support Chinese enterprises to expand services trade with Egypt, such as on aviation, and explore new areas for cooperation.

According to Chinese statistics, trade volume between China and Egypt reached more than US$5.3 billion as of October this year, a 44-percent increase compared with the same period of last year.

The export volume reached 4.914 billion dollars, up 41 percent. Though the import volume from Egypt was 395 million dollars, the growth rate registered a jump of 91 percent.

By the end of July, about 570 Chinese companies have invested in the northeastern African country.