Bo Xilai: Forum on China-Africa Cooperation Forum will Push Forward the All-round Development of China-Africa Trade and Economic Relations 2006-11-08 09:12  MOFCOM On Nov. 6, Minister of Commerce Mr. Bo Xilai and Rasheed Mohamed Rasheed, Minister of Foreign Trade and Industry of Egypt, signed the MOU on the Recognition of Arab Republic of Egypt on China's Full Market Economy Status between the Ministry of Commerce of the People's Republic of China and Ministry of Commerce and Industry of Arab Republic of Egypt and the MOU on Enhancement of Bilateral Trade and Economic Cooperation between the Ministry of Commerce of the People's Republic of China and Ministry of Commerce and Industry of Arab Republic of Egypt. The two parties decided to enhance the all-round cooperation in fields of trade, investment, project contracting and personnel training to further strengthen the bilateral trade and economic relations between China and Egypt. Egypt became the 58th country to recognize China's full market economy status. Mr. Bo Xilai said that Egypt was the important trading partner of China. 50 years ago, China and Egypt established diplomatic relations, starting the history of China-Egypt friendship and opening the new epoch of China-Africa relations. In recent years, China and Egypt launched favorable cooperation in areas of trade, investment, manufacture and tourism, and the cooperation projects in Suez Economic Zone were started up and took primary effect. Mr. Bo Xilai said that Egypt recognized China's full market economy status and took a fair and judicial attitude in trade with China to treat with Chinese enterprises, which indicated the sincerity and kindness of Egypt to Chinese enterprises and economic community and would certainly provide a higher and broader platform for Chinese and Egyptian enterprises to cooperate in trade and investment. Rasheed said that Egypt quite cherished and would like to always maintain and advocate the traditional friendship and favorable cooperation with China. Egypt wished that in the coming 10 years, China could become the biggest trading partner of Egypt and could perform the consensus of trade and economy reached to promote more cooperation among enterprises of the two countries. It was learnt that the bilateral trade between China and Egypt in recent years developed steadily with an annual increase rate of more than 30%, amounted to US$2.2 billion in 2005 and hit US$1.958 billion in the first 8 months of 2006, up by 47.6% on a year-on-year basis. Now, Egypt was the 6th trading partner of China in Africa, it was predicted that the bilateral trade would exceed US$5 billion in 2010. After the signing ceremony, Mr. Bo Xilai accepted the interview of Chinese and Egyptian reporters. When answering the question of reporters on how to appraise and fulfill the specific measures of the Forum on China-Africa Cooperation, Mr. Bo Xilai said that Chinese President Hu Jintao put forward 8 items of important measures on enhancement of China-Africa cooperation at the Forum which were increasing aid to African countries, providing export buyer's credit, expanding import from Africa, supporting and encouraging Chinese enterprises to invest in Africa to help them to build up schools, hospitals and foster talents. Premier Wen Jiabao put forward the goal of US$100 billion bilateral trade between China and Africa in 2010. The Ministry of Commerce would cooperate with other relative departments to carry out various measures including enhancing trade with Africa to make more Chinese consumers understand African commodities, offering conditions for Chinese enterprises to invest in Africa and innovating the cooperation mode to assist African enterprises to improve the industrial level and earnestly performing every project according to the essential need of African countries to benefit African people as soon as possible. Mr. Bo Xilai said that there was much room for China and Africa to cooperate in project contracting in the future. Chinese enterprises were competitive and had experiences in speedway, bridge, power station and dock. African countries were reinforcing infrastructure construction and had a great demand for engineering, Chinese enterprises had such willing and capacity to undertake the cooperation in Africa. (Source: Xinhuanet)

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