SHARM EL-SHEIKH - Egypt's trade and industry minister said Saturday Egypt's total trade with China could nearly double to $10 billion over the next three years as China boosts investments in Egyptian industry."We are almost $6 billion now. We are planning to get to $10 billion in the next three years," Rachid Mohamed Rachid told Dow Jones Newswires in an interview.
"I expect to see some significant investment on the industrial side from China in the next five years in Egypt to take advantage of the location, take advantage of our trade, and take advantage of our labor and our local markets," the minister said.
Egypt this week is hosting a Forum On China African Cooperation at the Egyptian Red Sea resort of Sharm el-Sheikh.
China's investment in Africa has grown sharply in recent years from a low base, as Beijing catches up with Western companies already established on the African continent. But critics say Beijing's no-strings-attached investments and loans undercut political and economic reform efforts by Western governments and bodies such as the World Bank.