Egyptian experts say China's import expo contributes to global economic recovery

Egyptian experts said the forthcoming third China International Import Expo (CIIE) will inject fresh impetus into world economy.

The outbreak of the coronavirus pandemic has had severe negative effects on global economy, and the CIIE is a "golden opportunity" to help revive trade movement and increase investment opportunities, Mohamed Helal, board member of the Cairo-based Egyptian-Chinese Business Council, told Xinhua.

As for Egypt, the expert said, the CIIE will help Egyptian exporters compensate some of the losses they have inflicted due to the anti-COVID-19 precautionary measures adopted since the virus outbreak in the North African country in mid-February.

Given the state of a slump in the global economy and international trade movement, Helal said all companies are looking for marketing and commercial opportunities, which means an increase in the demand for the exhibition.

This year's CIIE will take place in the Chinese city of Shanghai. Though affected by COVID-19, the CIIE is attracting global exhibitors in droves. With an expanded total exhibition area, nearly 50 Fortune 500 and industry-leading companies are participating for the first time, as well as international debuts of hundreds of new products, technologies and services.

The National Bank of Egypt (NBE) is one of the North Africa country's institutions that will join the expo this year.

"It is very important to be present in such a big economic and trade event," said Wael Saad, general-manager of NBE's China branch. "We have participated in the past two sessions and we are very keen to participate this year too."

The NBE official said the bank serves as a bridge between the Chinese market and Egyptian and Arab business, trade and industrial institutions and companies, adding that the CIIE enables the NBE to get in direct contact with customers who want to benefit from the bank services.

"At the expo, we meet with exporters and manufacturers who are willing to export their products to the Chinese market," Saad said.

Trade between China and Egypt has been witnessing steady growth, with the figure reaching $13.2 billion in 2019, according to the Chinese Ministry of Commerce.

Egypt exports oranges, grapes, dates and sugarbeet pulp to China and is preparing for exporting pomegranates to the Chinese market.

Abu Bakr al-Deeb, a Cairo-based economic expert, said Egypt should spare no chance to enhance economic and trade cooperation with China, affirming that the CIIE is a great hub where such ties can further grow.

"Economic cooperation between Egypt and China is still ongoing and growing despite the spread of coronavirus," he said. "This cooperation needs to continue and surge."