Following President Mohamed Morsy’s visit to China, several investment initiatives and trade deals were struck with the Asian production giant, and possibilities of a ‘Syrian Quintet’ were discussed. In all, seven lucrative co-operation deals aimed at developing Egypt’s industrial and technological sectors were signed, a $200 million loan from China geared at investment projects was also agreed upon and a further $70.31 million non-refundable grant by China to go towards developing environmental projects, construction of power plants and mutual infrastructure development. These agreements are geared towards aiding Egypt’s faltering economy, restoring tourism and establishing lucrative ties between both nations. As part of Morsy’s visit, Egyptian and Chinese businessmen signed various agreements which increased China’s investment in Egypt six-fold from $500 million to $3 billion
Morsy invited China’s President Hu Jintao to join his Syrian ‘Q’ Initiative, first announced in the recent Organisation of Islamic Cooperation summit in Mecca. The initiative is comprised of Egypt, Turkey, Iran and Saudi Arabia. During his visit to China, Morsy told Reuters that is was time for Syria’s Basher Al-Assad to step down. China has yet to join the initiative, but found common ground with Morsy when it came to avoiding foreign intervention in Syria.