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China's direct investment in Egypt in the first three quarters of 2019 leaped 66 percent to $74.9 million compared with the previous corresponding period last year, a senior Chinese diplomat told a press conference on Tuesday.
A 7.23 square km area in Egypt's vital Suez Canal economic zone is being developed by Tianjin Economic-Technological Development Area, a Chinese industrial developer.
The first phase of about 1.25 sq km is completed and TEDA is working on the second phase of some 6 sq km in the Ain Sokhna district of Suez Province, east of the capital Cairo.
"The TEDA zone has altogether 84 enterprises including 42 manufacturing companies and has attracted more than $1 billion in investment," said Han Bing, minister counselor for commercial affairs at the Chinese Embassy in Egypt.
Official added that the growing cooperation between China and Egypt, under the China-proposed Belt and Road Initiative, seeks common development for participating states through win-win partnerships.
Trade between China and Egypt slightly declined in the first 10 months of 2019 to $10.58 billion, mostly represented in Chinese exports to Egypt.
Egypt's exports to China include agricultural crops such as oranges, grapes and sugar beets, the Chinese embassy’s Han Bing said, adding that Egypt is the top orange exporter to China with a market share of more than 40 percent.