The 7th China International Import Expo (CIIE) is “an out-of-the-box idea” that offers companies access to both the Chinese market and those of other participating countries, said a business leader.
Mohamed Youssef, head of the Egyptian Businessmen’s Association, said the “initiative is unique and has started to achieve solid results over the past six years.”
Data showed that in 2022, the fifth CIIE saw 73.5 billion U.S. dollars worth of tentative deals reached for one-year purchases of goods and services, which, Youssef said, occurred while “the world was recovering from an economic crisis resulting from COVID-19.”
Despite the pandemic and regional and international tensions, China’s success in concluding big business deals during the 2022 CIIE was “such a great achievement,” Youssef said.
He said China, the world’s second-largest economy, plays a vital pivotal role in balancing the world’s economic powers.
Youssef emphasized that through the CIIE and the Belt and Road Initiative (BRI), China aims to establish win-win partnerships with developing countries and assist them in making the best use of their resources to achieve development and growth.
“China enhances its relations with other countries via partnerships based on mutual benefit, and the BRI has opened the door for China to view African countries with this vision,” he added.
The head of Egypt’s business community emphasized that African countries, rich in human and natural resources, can benefit from strong partnerships with economically powerful nations capable and willing to drive development in these societies.
Youssef said that the growing Egyptian-Chinese relations will significantly enhance the trade and investment exchange between Egypt and China.
Egypt can be one of the leading destinations for Chinese investment to manufacture products in great demand in the Chinese market, said Youssef, noting that Egypt is a key partner in the China-proposed BRI.
He said one of the CIIE’s key achievements has been its role in introducing the global business community to the opportunities in the Chinese market.
“The expo opens opportunities for all participating countries to exchange information about the comparative and competitive advantages of their products, and thus contributes to and encourages inter-trade between participating states,” Youssef said.
The Egyptian business leader stressed that the participation of both developing and developed countries in the 7th CIIE indicates their awareness that “the CIIE is a very important window not only for the Chinese market but also for the markets of many countries participating in this expo.”
