Prime Minister Mostafa Madbouly represented President Abdel Fattah Al-Sisi Wednesday, in the third session of the “Belt and Road Forum for International Cooperation” in Beijing. He took part in a high-level session titled “Connecting in an Open World Economy.”
In his speech, the Prime Minister said that Egypt and China are two friendly countries that have had historical ties since ancient times. He said that the Silk Road was the bridge that linked Asia and Africa and that the revival of that important corridor through the “Belt and Road” initiative is an important development that enhances the cooperation between the various countries of the initiative. He said that this would benefit the people of both countries and the world, and encourage cooperation to achieve development and progress for all.
Madbouly added: “Our relations with China have evolved during the past ten years. They reached the level of strategic partnership in 2014 and we launched the first executive program of that partnership in 2016. He said that Egypt’s participation in the third session of the “Belt and Road Forum for International Cooperation” stems from the Egyptian state’s interest in the Belt and Road initiative launched by the Chinese President in 2013. He said that Egypt was among the first countries to join it because it aligns with the Egyptian priorities within the framework of Egypt’s 2030 vision for sustainable development, especially regarding the improvement of infrastructure in transportation, energy, and other fields.”
Madbouly pointed out that the joint Egyptian-Chinese vision contributed to the implementation of major projects in infrastructure. One of the most important projects was the electric train that reaches the 10th of Ramadan city, which is part of a comprehensive plan to connect different regions of Egypt, as well as to international trade routes to facilitate transportation and trade.
He said: “This is evidenced by the projects that have been completed to develop roads, ports, and navigation channels, including the inauguration of the new Suez Canal project, as well as renewable energy projects, green hydrogen production, electrical connection projects between Egypt and other neighboring countries, energy transfer, storage and circulation, and other projects that serve the enhancement of interdependence and exchange between countries, which is the goal of the “Belt and Road” initiative.”
Madbouly highlighted Egypt’s attractive environment for investment in terms of its distinguished infrastructure and strategic geographical location in the heart of the world, including the Suez Canal, which facilitates exporting to neighbouring markets in Arab, African, and European countries with which we have free trade agreements. He said that this helps to link international markets with each other and facilitates the movement of supply chains without obstacles, to enhance the concept of “connecting in an open world economy”.
He said: “The Egyptian-Chinese Economic Zone in the Suez Canal Economic Zone is one of the clear examples of cooperation that benefits both countries.”
Madbouly stressed Egypt’s conviction that technology should be a public commodity in which all countries share in a way that contributes to achieving fair and comprehensive global development and enabling developing countries to benefit from the fruits of technological progress in implementing their development agendas.
He said that Egypt, as one of the parties to the Belt and Road Initiative, welcomes that it be a logistical and commercial center for the initiative countries; to contribute to facilitating the movement of shipping and trade between these countries without obstacles within the framework of an open global economy.
He said: “Perhaps the presidency of the COP-27 Conference contributed to the access of international understandings on pushing the priorities of developing countries and their development needs, including the need to bridge the financing gap and agree to establish a fund to finance losses and damage, to help developing countries in their efforts towards green transformation.”
Madbouly also stressed that Egypt is participating effectively in emerging international economic institutions that contribute through the financial tools that it provides in providing the necessary financing for development and enhancing coordination between countries, explaining that Egypt’s joining the “BRICS” gathering was within the framework of the Egyptian state’s efforts to enhance coordination between developing countries and developed economies and contribute to the formulation of international economic policies.
