Sino-Africa trade exchage to hit dlrs 400 bn in 2020

African-Chinese trade exchange can reach 400 billion dollars by 2020, Egyptian Prime Minister Sherif Ismail said.

In statements to reporters on Saturday on the fringe of the Forum on China-Africa Cooperation (FOCAC), Ismail said China is a key power in the African market and it would give voice to African needs when it chairs the G20 in 2016.

He said China participates in several major projects in Egypt, especially in the economic zone in northwest the Gulf of Suez.

In addition to ongoing Chinese projects in Egypt, there will be 10 ventures to be implemented in the coming period, including generating electricity from coal, developing power transmission networks and manufacturing electric equipment, he said.

He noted that some Chinese companies have become partners with US firms operating in the field of oil prospecting in Egypt.

Egypt and China are negotiating several projects, including the electric train project in eastern Cairo, he said.

Egypt plans to lure investments from China and a number of states to do business in the Suez Canal area, especially after the inauguration of the East Port Said harbor development project.

He added that there is continued coordination with China at international forums, especially with regard to fighting terror in which Egypt plays a key role, citing the danger of terror which extended to many world countries.