Source: Capital News    Published: 2023-11-30

Egypt and China, both ancient civilizations, have a history of communication dating back to the ancient Silk Road, which has persisted to the present day. In 2013, China proposed the "Belt and Road" initiative, and Egypt was one of the earliest countries to join the initiative, consistently being a staunch responder and participant in the Belt and Road Initiative.

However, some think tanks, when discussing the comprehensive strategic partnership between Egypt and China, suggest that Egypt strengthening its bilateral relations with China may not be welcomed by Washington. They argue that "China's growing investments in Egypt may threaten U.S. economic interests in the country."

Under the framework of the Belt and Road Initiative, in which areas have China and Egypt made significant progress in their cooperation? Will China's investments in Egypt pose a threat to U.S. economic interests in the country? How does Egypt perceive China's image and influence in the Middle East and globally? The rise of emerging market countries and developing nations, represented by the BRICS nations, reflects what kind of changes in the international landscape?

In collaboration with RDCY, Capital News has launched the “Global Governance Forum” section. Hisham El-Zimaity, a former Assistant Foreign Minister for International Organizations & Multilateral Diplomacy, former Secretary General of the Egyptian Council for Foreign Affairs, (ECFA), shared his views on the Belt and Road Initiative, China-Egypt relations and other issues with us.

In December 2014, Egypt and China established a comprehensive strategic partnership, and since then, the leaders of both countries have engaged in frequent diplomatic exchanges. Over the past decade, President Abdel Fattah el-Sisi and President Xi Jinping have met on multiple occasions, mutually agreeing to work towards the goal of building a community of shared destiny between Egypt and China in the new era. This commitment aims to elevate the level of bilateral relations, outlining a blueprint for the development of the two countries' relationship.

China has consistently supported Egypt's just stance in regional and international affairs. China highly appreciates Egypt's contributions to promoting African development and achieving peace in the Middle East. Simultaneously, Egypt actively supports China's position in safeguarding national sovereignty and development interests, providing steadfast support on issues concerning China.

On October 18, the Think Tank Conference of the Belt and Road Forum was held in Beijing. Ambassador Hisham El-Zimaity stressed the importance of the digitalization of the Belt and Road as artificial intelligence and robotic automation are now mainstream technologies, including driverless cars, assisted driving and advanced manufacturing, all of which will affect the way people work in the future.

In this interview, as for the Belt and Road Initiative, Ambassador Hisham El-Zimaity stressed that the multiple goals of the strategy of the Belt and Road Initiative (BRI) are extremely important. Because it is not only limited to improving or building new roads, ports, railways and industrial zones. One of the major significances of the BRI is that it is flexible enough to allow for changes according to what happens in our dynamic world.The strategy encompasses vital areas such as education and health, which are pivotal components for the development of emerging nations.

Ambassador Hisham El-Zimaity cited the example of the Suez Canal Economic Zone to illustrate the cooperation between China and Egypt under the Belt and Road Initiative framework. In the Suez Canal Economic Zone, a major Chinese company is actively engaged in industrial development. Currently, approximately 130 Chinese companies operate within this economic zone, contributing to projects spanning electronics, textiles, vehicle manufacturing, transportation, machinery, new energy, petrochemicals, and infrastructure, covering an expansive area of over 500 million square meters. This collaboration extends to the construction of the financial district in the new administrative capital near Cairo and Chinese companies involved in projects in the new city of Alamein along the Mediterranean.

Due to the infrastructure collaboration under the Belt and Road initiative, China and Egypt, two ancient civilizations, have become intricately connected.

As Egypt's economy and population have grown, the population of the capital city, Cairo, has exceeded 23 million, making it not only the largest city in Africa but also one of the most congested cities in the world. In response, the Egyptian government initiated a "relocation" plan in 2015, planning a new administrative capital in the eastern desert area of Cairo. The new capital covers an area of approximately 700 square kilometers, equivalent to the size of Singapore. The Central Business District (CBD) of the new administrative capital, occupying a total area of about 600,000 square meters, has a total building area of about 1.92 million square meters. The completion of the new administrative capital will relocate around 6.5 million people, as well as various government offices and foreign embassies.

The construction of a new administrative capital, especially the CBD project, naturally attracted the interest of many countries. When the project was internationally tendered, the competition was fierce, with participation from countries in the Middle East, the United States, Japan, and China. Ultimately, Chinese companies successfully won the bid and signed a $3 billion contract with the Egyptian government for the first phase of the project in 2017.

China is responsible for constructing the Central Business District (CBD) in the new administrative capital of Egypt, comprising a total of 20 individual buildings. This includes 10 high-rise commercial office buildings, 5 high-rise apartments, 4 high-end hotels, and a landmark tower. It is the largest construction project undertaken by China in a Belt and Road partner country to date. The most striking feature is the 385-meter-tall "Landmark Tower," Africa's tallest building, integrating various functions such as offices, hotels, commerce, and sightseeing, destined to become Egypt's new landmark.

Upon completion, Egypt will boast a world-class central business district, driving the development of the Suez Canal Economic Zone and the Red Sea Economic Zone. The project commenced construction in May 2018, and currently, the main structure of the CBD project has been completed, entering a comprehensive phase of interior decoration and electromechanical construction.

"To get rich, build roads first." China is leveraging traditional infrastructure projects to help African countries address basic needs for their people. Simultaneously, through new types of infrastructure projects, China is assisting African nations in embracing the Fourth Industrial Revolution, characterized by digital information technology. By combining traditional and innovative infrastructure, China has not only created a "miracle" of Chinese infrastructure in Africa, contributing to local economic growth, but has also brought new impetus to the global economy. This effort, within the framework of the Belt and Road Initiative, aims to forge a mutually beneficial "community of shared interests" between China and African nations, promoting common development and prosperity—a "community of shared destiny."

According to our information, Over the past decade, the governments of both countries have actively encouraged and promoted expanded economic and trade cooperation between their enterprises, resulting in the continuous development of bilateral trade. In the last ten years, the trade volume between Egypt and China has increased from around $10 billion to approximately $20 billion. Currently, there are over 360 Chinese-funded projects in Egypt, involving more than 160 Chinese-funded enterprises. China has remained Egypt's largest trading partner for nine consecutive years, with Egypt ranking as China's fourth-largest trading partner in Africa.

During this decade, Chinese investment stock in Egypt has nearly tripled. Chinese companies have participated in energy projects, port construction, and industrial park development in Egypt, contributing to the country's economic growth. Additionally, through collaboration with the Egyptian government, Chinese enterprises have established production bases within Egypt, further promoting employment and technology transfer. The Suez (TEDA) Economic and Trade Cooperation Zone, jointly established by both parties, has provided direct or indirect employment opportunities for over 50,000 Egyptians, serving as a crucial platform for fostering investment and technological cooperation between the two nations.

In response to the statement from some Middle East think tank suggesting that "China's growing investments in Egypt may threaten U.S. economic interests in the country," Hisham El-Zimaity expressed opposition. In his response, he underscored Egypt's commitment to the principles of the Non-Aligned Movement, which entails being friends with all and enemies with none.

Starting with Egypt's geographical location, Hisham El-Zimaity highlighted the factors that Egypt needs to consider when formulating its foreign policy. Situated at the crossroads of three continents—Africa, Asia, and Europe—Egypt's strategic location can sometimes pose challenges in understanding its foreign policy. But Egypt is a peaceful country, is a country that wants to develop, is a country that looks for the future. In this regard, China is our best friend in that part of development, being a global economic powerhouse, a permanent member of the United Nations Security Council, and a leading force in organizations like the Shanghai Cooperation Organization and BRICS, of which Egypt is to become a member in 2024. The balanced and wise foreign policies of both China and Egypt makes it easy for us to overcome any problems or anything that is said by such institutes.

Over the years, Western countries, especially the United States, have hyped up the "China threat theory", and recently accused China of using "economic coercion" against other countries and foreign enterprises in an attempt to intimidate U.S.’s allies. Hisham El-Zimaity does not agree with this perspective and openly states that he does not like the expression 'China threat', because there is no such thing as 'economic coercion' or the so-called 'debt trap' or all these terms that we hear from time to time.

Ambassador Hisham El-Zimaity emphasized that every government is accountable for its own decisions, carefully considering what is in the best interest of its people. And they only sign what is good for them. There is no need to say that this is a 'trap' because nobody falls into a trap and nobody falls into coercion.

Therefore, Ambassador Hisham El-Zimaity believes there is no reason to blame anyone.Because nations willingly choose partnerships that align with their interests. Not China nor other of imposing itself on other nations. Every nation has the will and the right to choose the partners, determine its actions, and decide where and with whom to collaborate.

At the same time, Ambassador Hisham El-Zimaity pointed out that China has consistently been making efforts to assist other developing countries in developing infrastructure, especially in Africa. He said that in this regard, the Belt and Road Initiative is a positive force, as he mentioned, helping developing countries. It's helping upgrade many of the infrastructure that have been neglected for 150 years or 100 years. Now they are becoming modern, they are becoming effective with the help of China.

The great success of the Belt and Road forum in October is just an example of how this game changer will change the way we do business together. This is very important. With the participation of 151 countries, 41 international organizations, and 10,000 participants, it exemplifies a positive shift in the way global business is conducted. This achievement is something that we should all be happy and proud of.

During the interview, Ambassador Hisham El-Zimaity also mentioned with reporters the initial intentions behind Egypt's joining the BRICS nations and his expectations for the BRICS countries.

Ambassador Hisham El-Zimaity emphasized that BRICS itself stands as a wonderful invention, offering hope for developing countries in the global South. It embodies the potential for collaborative efforts and shared achievements, demonstrating that success is attainable through joint endeavors. And this is why BRICS is attractive to many countries. The allure of BRICS lies in its capacity to attract numerous countries seeking a platform for collective progress. Egypt has been tempted to join the BRICS, and thanks to China’s diplomatic efforts, Egypt managed to do that, and will be happy on the 1st of January 2024 to be part of this very important group.

Ambassador Hisham El-Zimaity thinks that the development of BRICS countries like Egypt and China is changing the global landscape and create a new order in the world's economic and political affairs. Our determination to collaborate is unwavering, and we possess the necessary tools for successful cooperation. This commitment extends beyond Egypt and China; it encompasses all members of BRICS and countries participating in the Belt and Road Initiative. The collective goal is to foster global stability, particularly in areas crucial for development.

As a supplement, Ambassador Hisham El-Zimaity also expressed that with 11 member countries, BRICS represents a significant expansion from its initial five, providing greater opportunities for trade, project development, and mutual interests. Looking ahead, there is potential for further growth, with the possibility of 20 or even 25 countries uniting under this crucial economic alliance, which is very important for the world economy. The presence of major players like China, Russia, India, South Africa, and Brazil ensures that BRICS will continue to play a pivotal role in shaping the future of the global economy.

He repeatedly emphasized the current importance of global peace and stability. He pointed out that ensuring political stability worldwide is paramount, as it enables access to the resources essential for our collective development journey. This goes beyond energy; it includes securing access to rare earth minerals and various resources vital for progress. As we emphasize green development, going beyond traditional infrastructure like roads and railways, we are positioning ourselves at the forefront of shaping a sustainable future.

Lastly, he reiterated that this is very difficult to predict, our sincere hope is for global stability. The current complexities in the Middle East, as you are well aware, highlight the importance of fostering stability worldwide. Antagonism and the creation of unnecessary problems are not the solutions we seek. Instead, our focus should be on cooperation—collaborating to conduct business together, sharing in victories, and achieving tangible outcomes for our respective populations. This philosophy of cooperation stands as the key for China and Egypt, as well as for other developing nations, to contribute positively to the world stability.

Looking to the future, both China and Egypt will seize the opportunity presented by the implementation of the outcomes of this summit forum. With Egypt officially becoming a member of the "BRICS" and the African Union formally joining the G20, Egypt and China can actively promote the deep integration of the Belt and Road initiative and Egypt's "2030 Vision" within these two cooperation mechanisms.

They will continue to utilize Chinese equipment and manufacturing to assist Egypt in strengthening infrastructure construction. Furthermore, they will leverage Chinese technology to enhance cooperation in renewable energy fields such as green hydrogen, wind energy, and solar energy. In areas like aerospace, agricultural technology, digital economy, 5G networks, artificial intelligence, and public health, the two countries will continuously create new growth points.

Moreover, both countries can continue to innovate forms of collaboration, actively promote cultural exchanges between the two ancient civilizations, and work together to build a closer community of shared destiny between Egypt and China, advancing Sino-Egyptian relations to new heights.

Over the past decade, countries participating in the Belt and Road Initiative have upheld the Silk Road spirit with core values of peace, cooperation, openness, inclusiveness, mutual learning, and mutual benefit. With connectivity as a central theme, the initiative has facilitated policy communication, infrastructure connectivity, trade facilitation, financial integration, and people-to-people exchanges, achieving deeper economic integration, comprehensive development coordination, and substantial benefits sharing. The success of this summit once again demonstrates that China's direction in promoting the Belt and Road Initiative is correct, and the confidence of countries participating in the initiative is unwavering. The prospect of high-quality development for the Belt and Road Initiative is promising. Standing at a new historical starting point, we look forward to embarking on a new journey together with all parties, jointly creating a bright tomorrow for each country's path towards modernization!

Chinese Enterprises Contribute to Egypt's Development

Capital News: We noticed that you were invited to attend the third Belt and Road International Cooperation Forum and also participated in the Think Tank Exchange Forum. Could you please share your impressions of this conference?

Hisham El-Zimaity: Well, first, let me say that I was honored to have been among the participants in this very important forum. I can say that the participants were happily celebrating our achievements during the last 10 years and looking forward to the next 10 years to come. This optimism stems from the alignment of the Belt and Road Initiative (BRI) objectives with Egypt's national plan, known as Plan 2030, and the broader African development plan, Agenda 2063, encompassing the entire continent.

Our common goals are centered on eradicating poverty, ensuring stability in both the continent and the Middle East, and striving for sustainable development and profound people-to-people relationships.

China's successful experience in taking out 750 million individuals out of poverty, transforming them into consumers and travelers around the world, serve as a wonderful example that we all look for. And one of the major significance of the BRI is that it is flexible enough to allow for changes according to what happens in our dynamic world.

Capital News: Egypt is one of the earliest countries to join the Belt and Road Initiative. How do you view the developmental achievements of the Belt and Road Initiative over the past decade?

Hisham El-Zimaity: The multiple goals of the strategy of the Belt and Road Initiative (BRI) are extremely important. Because it is not only limited to improving or building new roads, ports, railways and industrial zones. The strategy encompasses vital areas such as education and health, which are pivotal components for the development of emerging nations.

And if we talk about the health, for example, during the pandemic, China and Egypt show the world a very noble example. The collaboration between the two nations involved China providing essential vaccines and medical equipment to Egypt, establishing it as a hub to serve the broader African continent. This is a very good example of cooperation in the health field. And that's just one example. I'm sure there are many to come.

Furthermore, the Digital Silk Road plays a crucial role in education, equipping our youth for the challenges that lie ahead. This initiative prepares them for the near future upon graduation, ensuring they are well-equipped to take on responsibilities by themselves and contribute meaningfully to society.

Capital News: How do you view BRI’s significance for Egypt's development? Within the framework of the Belt and Road Initiative, in which areas have China and Egypt made significant progress in cooperation?

Hisham El-Zimaity: Egypt's early participation in the Belt and Road Initiative (BRI) and the numerous summit meetings between President Xi Jinping and President Abdel Fattah el-Sisi underscore Egypt's unwavering commitment to the objectives of the initiative.

A prime example of this commitment is evident in the Suez Canal Economic Zone, where major Chinese companies actively engage in industrial development. Currently, approximately 130 Chinese companies operate within this economic zone, contributing to projects spanning electronics, textiles, vehicle manufacturing, transportation, machinery, new energy, petrochemicals, and infrastructure, covering an expansive area of 500 million square meters. This collaboration extends to the construction of the financial district in the new administrative capital near Cairo and Chinese companies involved in projects in the new city of Alamein along the Mediterranean.

But let me choose an example, which is, I think it is important. A significant milestone occurred last October when China and Egypt signed a debt swapping memorandum of understanding (MoU) for developmental projects, termed the 'debt-for-development projects.' This innovative cooperation model involves utilizing a portion of the debt funds for small yet impactful projects in areas such as green economy, public health, technical and vocational training. Once this exercise succeeds, which we all hope, it will be a model of cooperation between China and other developing countries in the future.

Capital News: Under the Belt and Road Initiative, in which fields have China and Middle Eastern countries engaged in cooperation, and what kind of impact has the initiative had on the Middle East region?

Hisham El-Zimaity: The China-Arab States Cooperation Forum, which convened in Riyadh, Saudi Arabia, resulted in numerous decisions aimed at enhancing and deepening cooperation across various domains. This is of paramount significance, given that the Arab countries, combined with Africa, constitute nearly half of the participants in these transformative initiatives, boasting the involvement of over 65 countries in the Arab-African region. The collaborative agenda extends beyond the development of ports, roads, health, and education to encompass critical sectors such as energy, renewable resources, and the indigenous development of industry. The objective is to integrate industries into the fabric of both the African continent and the Middle East, fostering a comprehensive and mutually beneficial partnership.

Friendship with All: A Universal Approach

Capital News: The Arab Center Washington DC, an affiliate of the Arab Center for Research and Policy Studies (ACRPS), stated in reference to Egypt's strategic partnership with China that, “The US National Defense Strategy has identified China as the top threat to US national security interests. So, Cairo’s attempt to enhance its bilateral relations with China may be viewed by Washington as fraternizing with the enemy." and "Egypt’s strategic partnership with China opens the door for increased presence and influence for Beijing in the region, which would threaten US strategic interests in the long term." How do you perceive this viewpoint?

Hisham El-Zimaity: Let me begin by saying that Egypt's foundational role as a member of the Non-Aligned Movement since 1955. And let us not forget the historical meeting between President Nasser of Egypt and Chairman Zhou Enlai of China during that time underscores the enduring nature of Egypt's commitment to a foreign policy that aligns with the principles of the Non-Aligned Movement—friend to all and an enemy to none.

Situated at the crossroads of three continents—Africa, Asia, and Europe—Egypt's strategic location can sometimes pose challenges in understanding its foreign policy. But Egypt is a peaceful country, is a country that wants to develop, is a country that looks for the future. In this regard, China is our best friend in that part of development, being a global economic powerhouse, a permanent member of the United Nations Security Council, and a leading force in organizations like the Shanghai Cooperation Organization and BRICS, of which Egypt is set to become a member in 2024.

The balance and wise foreign policies of both China and Egypt makes it easy for us to overcome any problems or anything that is said by such institutes, as the one you mentioned earlier.

Capital News: Egypt is a traditional ally of the United States in the Middle East and North Africa region and is also recognized by the U.S. government as one of the "non-NATO major allies". In the geopolitical game where the United States attempts to suppress, slow down, or even obstruct China's development in the context of China's rise, how does Egypt balance its relationship with China?

Hisham El-Zimaity: Yes, as a country of 105 million people, Egypt has multiple interests everywhere in the world with every country and balancing the act is not difficult. Because we know what we need and our people need and our population needs. What we need is development. We are still behind, unfortunately, and we need to push forward. And when comes a friend like China, with a wonderful initiative like the BRI, then we have to continue to work together and make it a success and win win partnership. For all of us. The key to our approach lies in maintaining balance: we balance our foreign policy; we balance our relationships in order to maintain friendship with every nation. This equilibrium is essential for navigating the complexities of international relations and ensuring that our engagements contribute to the development and well-being of our nation.

Capital News: Currently, there is a global trend of "de-globalization," with a noticeable rise in unilateralism and protectionism, and the world economy is facing challenges in terms of recovery. Why is economic globalization hitting a snag today？

Hisham El-Zimaity: Maybe I can say that the Belt and Road Initiative (BRI) in itself is the globalization in its new version. It's a new form of globalization. In contrast, protectionism is not going to lead anywhere. The established rules of trade within the World Trade Organization (WTO) must be allowed to function effectively, as these rules were collectively agreed upon and crucial for ensuring fair trade relationships. The enforcement of WTO rules is essential, as trade should be conducted within an agreed-upon framework that benefits all parties involved. No single nation can decide for the rest. It's a wrong strategy. Instead, we should all be doing business together and winning together. A collaborative approach to doing business is essential for mutual success. This is how we perceive it from our side. Nobody can stop the course of history by going back to protectionism and limiting the role of multilateral trade, like I mentioned for the WTO.

Capital News: How do you view the prospects of economic globalization? In what ways has the Belt and Road initiative contributed to economic globalization?

Hisham El-Zimaity: As previously highlighted, the Belt and Road Initiative (BRI) represents a new iteration of globalization, often referred to as Globalization 2.0. In today's interconnected world, no nation can operate in isolation, safeguarding its borders and imposing tariffs without repercussions. Such an approach is impractical and unsustainable. The key to successful globalization lies in the establishment and adherence to a set of rules that govern international interactions. The Belt and Road Initiative is integral to this vision, contributing significantly to the framework necessary for the success of globalization in our contemporary era.

Capital News: Over the years, Western countries, especially the United States, have hyped up the "China threat theory", and recently accused China of using "economic coercion" against other countries and foreign enterprises in an attempt to intimidate U.S.’s allies. However, we can see that at this year's Belt and Road International Cooperation Forum, representatives from 151 countries and 41 international organizations attended the conference in China, with a total registration of over 10,000 people. Among them were political figures and entrepreneurs from allied countries of the United States. The business summit also resulted in commercial contracts worth 97.2 billion US dollars. Why are so many countries willing to come to China for the Belt and Road International Cooperation Forum? Why haven't even America's allies been deterred by the so-called "China threat"? What does this reflect?

Hisham El-Zimaity: I don't like the expression 'China threat', because there is no such thing as 'economic coercion' or the so-called 'debt trap' or all these terms that we hear from time to time. Each government is responsible for its decisions, carefully considering what is in the best interest of its people. And they only sign what is good for them. There is no need to say that this is a 'trap' because nobody falls into a trap and nobody falls into coercion.

On the contrary, China has been actively helping developing countries to upgrade their infrastructure, their industry, their transportation, especially in Africa. The great success of the Belt and Road forum in October is just an example of how this game changer will change the way we do business together. This is very important. With the participation of 151 countries, 41 international organizations, and 10,000 participants, it exemplifies a positive shift in the way global business is conducted. This achievement is something thatwe should all be happy and proud of.

Capital News: China's development path is a topic of global discussion today. Many countries appreciate China's development approach, while some portray it as a so-called "expansionist nation." How do you perceive China's role, especially China's image and influence in Middle East and globally?

Hisham El-Zimaity: In the realm of global affairs, the concept of one country imposing itself on another is untenable. Every country is sovereign, with the right and autonomy to decide its course of action. So, if China is offering something good, something useful, something that helps the development of the country, then they will go for it. They know what they are choosing, because it's the best option that they have. Governments make choices based on what they perceive as the most advantageous option.

So, there is no meaning of accusing anyone, because nations willingly choose partnerships that align with their interests. Not China or other of imposing itself on other nations. Every nation has the will and the right to choose the partners, determine its actions, and decide where and with whom to collaborate.

In this regard, the Belt and Road Initiative is a positive force, as I mentioned, helping developing countries. It's helping upgrade many of the infrastructure that have been neglected for 150 years or 100 years. Now they are becoming modern, they are becoming effective with the help of China. So, we should be thankful to China in this field.

Ensuring Global Political Stability is Paramount

Capital News: In August this year, Egypt officially became a member of the BRICS family, and its membership will take effect on January 1st next year. Why do more and more countries want to join BRICS?

Hisham El-Zimaity: BRICS itself stands as a wonderful invention, offering hope for developing countries in the global South. It embodies the potential for collaborative efforts and shared achievements, demonstrating that success is attainable through joint endeavors. And this is why BRICS is attractive to many countries. The allure of BRICS lies in its capacity to attract numerous countries seeking a platform for collective progress.

Egypt has been tempted to join the BRICS, and thanks to China’s diplomatic efforts, we have managed to do that, and we will be happy on the 1st of January 2024 to be part of this very important group.

With 11 member countries, BRICS represents a significant expansion from its initial five, providing greater opportunities for trade, project development, and mutual interests. Looking ahead, there is potential for further growth, with the possibility of 20 or even 25 countries uniting under this crucial economic alliance, which is very important for the world economy. The presence of major players like China, Russia, India, South Africa, and Brazil ensures that BRICS will continue to play a pivotal role in shaping the future of the global economy.

Capital News: Egypt has become a new member of the BRICS. What advantages will the Egypt bring to the BRICS nation? And what advantages will the BRICS nations bring to the Egypt?

Hisham El-Zimaity: As BRICS is going to be a platform for more cooperation and with special treatment for the members of that grouping, Egypt is going to benefit by implementing projects together with others. One notable initiative is the ongoing plan to construct a road connecting Cairo to Cape Town in South Africa. Egypt has completed its segment, extending from the northern tip to the southern borders, while South Africa is also actively involved. This ambitious road project, spanning the entire continent, holds great potential for facilitating trade between the Indian Ocean and the Mediterranean, perhaps eliminating the need for alternate routes like the Red Sea.

This is very important. That's just one example, but also cooperation with China is going to be deepened at the bilateral level, not only within the Belt and Road Initiative (BRI).And let me mention, for example, during the last 10 days, a recent milestone in this collaboration is the launch of 'panda bonds,' valued at $500 million, in China. We have launched this in China. It's about ￥3.5 billion. Egypt is the first country from the Middle East or Africa to issue bonds in Yuan, denominated at ￥3, attracting Chinese investors.

So, this is a bilateral project that is extremely important for Egypt and China. This bilateral project exemplifies the significance of direct engagement between Egypt and China, allowing transactions in our national currencies—Egyptian pound and Yuan, Renminbi—bypassing the need for intermediary currencies. I hope 'panda bonds' will be a success in China. The success of the panda bonds in China is anticipated to pave the way for future issuance, and maybe there will be more issuance to come, showcasing the depth of cooperation between the two nations. This is just to give you one example.

The primary objective of this endeavor is to expand our reach into other markets, with a particular emphasis on the vast Chinese market. For Egyptian exports, the Chinese market holds immense importance, and while our current exports may not be as substantial as desired, we anticipate steady growth over time. This closer economic integration creates a platform for mutual benefit, fostering an exchange of experiences and knowledge between our nations. China's extensive expertise in agriculture, industry, and knowledge transfer is something Egypt seeks to capitalize on.

As part of this collaboration, we aim to welcome a significant number of Chinese tourists to Egypt, with the goal of hosting one to two million visitors. Egypt has much to showcase, creating a wonderful opportunity for cultural exchange. Additionally, the presence of the Confucius Center in Egypt, teaching the Chinese language, has proven popular among our youth who want to learn about the Chinese civilization, the Chinese language, which they are learning. The eagerness is further solidifying the foundation for cooperation between our nations.

Capital News: We've got some new members joining the BRICS club this year, like Saudi Arabia, Egypt, UAE, Argentina, Iran, and Ethiopia. Also, thanks to China's push, the African Union hopped on board with the G20 this year. Why do you think developing countries are increasingly standing together? What does the rise of emerging markets and developing countries, represented by BRICS countries, reflect about the changing international landscape?

Hisham El-Zimaity: The essence of our cooperation stems from the mutual recognition that we, as nations, need each other to achieve our developmental aspirations. Over the years, both Egypt and China have been dedicated to advancing our societies. The turning point came in 2013 when China presented a significant initiative BRI that illuminated the collaborative pathways, we could embark upon to realize our development goals.

With 60% of our population under the age of 25, Egypt faces the imperative of nurturing a young and skilled workforce. Cooperation in areas such as education, health, and preparing the youth for the job market becomes crucial. This collaboration is not only beneficial for Egypt but also holds significance for other developing nations engaging with China. Together, we seek to ensure that our youth receive quality education, maintain good health, and are equipped to meet the challenges of the future, fostering a shared journey toward progress.

I think that the development of BRICS countries like Egypt and China is changing the global landscape and create a new order in the world's economic and political affairs. Our determination to collaborate is unwavering, and we possess the necessary tools for successful cooperation. This commitment extends beyond Egypt and China; it encompasses all members of BRICS and countries participating in the Belt and Road Initiative. The collective goal is to foster global stability, particularly in areas crucial for development.

Ensuring political stability worldwide is paramount, as it enables access to the resources essential for our collective development journey. This goes beyond energy; it includes securing access to rare earth minerals and various resources vital for progress. As we emphasize green development, going beyond traditional infrastructure like roads and railways, we are positioning ourselves at the forefront of shaping a sustainable future.

Again, this is very difficult to predict, our sincere hope is for global stability. The current complexities in the Middle East, as you are well aware, highlight the importance of fostering stability worldwide. Antagonism and the creation of unnecessary problems are not the solutions we seek. Instead, our focus should be on cooperation—collaborating to conduct business together, sharing in victories, and achieving tangible outcomes for our respective populations. This philosophy of cooperation stands as the key for China and Egypt, as well as for other developing nations, to contribute positively to the world.