China, Middle East set to unleash enormous cooperation potential

Their cooperation in production capacity, the professor said, will significantly contribute to industrial development, job creation and the improvement of people's well-being in the Middle East.

With China-Middle East joint efforts in promoting the region's infrastructure development, new sources of economic growth and job creation are expected, along with enhanced internal growth-driving forces and risk-resistant capabilities.

Cooperation with China under the Belt and Road Initiative will benefit all Arab countries, Nabil Elaraby, secretary-general of the League of Arab States, told reporters.

"The Arab countries stand ready to establish strategic cooperative ties with China," the official said.

NEW HIGHLIGHTS EXPECTED

Broad prospects lie ahead for China-Middle East cooperation in the new and high technology field.

Egypt has initiated the construction of the high technology-centered "New Suez Canal Economic Corridor" program following its expansion of the world-renowned canal.

The grand project is designed to turn the 190-kilometer-long river bank into a global economic zone with a series of industrial parks, serving as a bridge to connect Asia and Africa as well as China's "Belt and Roads."

No doubt, China will become one of Egypt's most important partners in the economic corridor, said Fakhry al-Fiky, an Egyptian economic analyst and former assistant to the executive director of the International Monetary Fund.

He looked forward to the combination of the Gulf states' financial resources and China's technological advantages so as to push forward Egypt's cooperation with both China and its own neighbors.

Standing at the juncture of the two initiatives is the 1.34-square-kilometer China-Egypt Suez Economic and Trade Cooperation Zone.

Since its construction started in 2008, the China-funded project has brought together cutting-edge joint ventures in new materials and high-end manufacturing, among others.

With the construction of a 6-square-kilometer expansion area already underway, the investment zone will house more industrial leaders, such as China Glass and Yingli Solar, poised to evolve into a stellar example of China-Egypt win-win cooperation.

China's advanced technology and managerial expertise will strongly promote Egypt's economic development, Muhammad Hassan, an Egyptian supervisor of the expansion project, told media.