32 Chinese firms invest in 1st phase of Suez Canal Area with $426 m: Xi
President Abdel Fatah al-Sisi (L) shakes hands with Chinese counterpart Xi Jinping (R) after a joint press conference on bilateral cooperation in Cairo-based Presidential Palace of al-Qobba Thursday on Jan. 21, 2015- Photo from Presidential Office

CAIRO:The first phase of trade and economic cooperation between Egypt and China in the Suez Canal area has been completed and attracted a total of 32 Chinese investing companies with a value of $426 million, representing 2,000 job opportunities, Chinese President Xi Jinping announced Thursday.

“Now, the second phase of the project has been launched and will attract nearly 100 companies, with $2.5 billion in investments,” Xi continued in his speech during a press conference with President Abdel Fatah al-Sisi at Cairo-based Presidential Palace of al-Qobba.

Both countries have agreed to established 15 projects, mainly in fields of electricity, transportation and infrastructure, Xi added, noting that the total value of all cooperation projects is $115 billion.

Xi said that his country is working with Egypt under the leadership of President Sisi to achieve upgraded development strategy through the One Belt One Road, an initiative launched by China to build a ground, maritime network connects Asia, Africa, and Europe continents with each others.

The Chinese President invited President Sisi to attend The 2016 G-20 Hangzhou summit due to be held in September.

“On the bilateral level, I would like to express Egypt’s appreciation and pride in the extent of achievement with the brotherly state of China in a record time to unprecedentedly develop the bilateral economic and military cooperation,” said President Sisi.

Sisi noted that both sides issued a joint statement about an executive program of the partnership between the two countries over the coming five years in various cooperation fields.

Bothe leaders witnessed Thursday the signature of 21 cooperation agreements in a number of fields; Xi arrived in Cairo, his second leg of Middle East tour, Wednesday after holding cooperation and bilateral discussions with Saudi King Salman bin Abdelaziz.

It is scheduled that Xi will visit the recently elected House of Representatives Thursday, Youm7 reported.

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