China considers Egypt the cornerstone of stability in the Middle East, Head of the Commercial Affairs Office at the Chinese Embassy in Cairo Minister Counsellor Han Bing said Thursday.

At a news conference, Bing said Chinese companies operating in Egypt had decided over the past few years to continue investments in the country, contrary to the stances taken by Western companies.

Chinese companies decide to invest only for economic reasons, not political, he said, asserting that terrorism is everywhere.

The companies are even looking forward to investing in Saudi Arabia and Iran, despite the conflict involving both countries, he added.

As for the outcome of the recent visit by the Chinese president to Egypt, Bing said strategic partnerships were established between both countries, noting that an investment zone in Ain Sokhna was expected to attract some 150 companies with investments worth dlrs 1.5 billion, in addition to dlrs 400 million for infrastructure.

The companies will offer between 3,000 to 5,000 job opportunities for Egyptians, while the revenues are expected to be estimated between dlrs 8 billion and dlrs 10 billion, he said.

China is willing to expand and increase the volume of trade and investments in Egypt, he reiterated, noting that Chinese investments in Egypt are estimated at dlrs 6 billion in the sectors of petroleum, technology, services and industry.

Source: MENA