CAIRO, July 14 (Xinhua) -- As China and Egypt -- now fellow BRICS members following Cairo's 2024 accession -- are to mark their 70th anniversary of diplomatic relations in 2026, analysts anticipate a significant deepening of their economic cooperation and strategic partnership.

LANDMARK DEALS & PROJECTS

China and Egypt signed multiple cooperation documents last week in such areas as e-commerce, green and low-carbon development, development assistance, finance and health.

Experts see the deals as a boost to Egypt's ambition to become a regional energy and logistics hub and to China's efforts promoting South-South cooperation under the Belt and Road Initiative (BRI).

Among the landmark deals, the People's Bank of China (PBOC) and the Central Bank of Egypt signed a memorandum of understanding to deepen financial cooperation, which covers local-currency settlement, collaboration on central bank digital currencies and digital innovation.

According to Pan Gongsheng, governor of the PBOC, these efforts will provide more efficient and convenient services for enterprises of both countries in trade, investment and financing.

Diaa Helmy, secretary-general of the Egyptian-Chinese Chamber of Commerce, described the financial cooperation as a critical signal of trust and a long-awaited step in Egypt-China economic ties.

He said that using local currencies could help reduce dependence on foreign currencies, stabilize trade flows and open the door for deeper institutional coordination between the two countries.

"I see that partial trade exchange between the two countries in their national currencies is necessary, and that it's time to swap debt for development, as China spares no effort to strengthen relations with Egypt, which it sees as a trusted friend," Helmy said.

China and Egypt officially elevated their ties to a comprehensive strategic partnership in 2014, deepening bilateral relations across politics, trade, infrastructure, technology, and cultural exchange.

Major China-Egypt projects under BRI and Egypt's Vision 2030 include the Central Business District in Egypt's New Administrative Capital and the China-Egypt TEDA Suez Economic and Trade Cooperation Zone -- an industrial cooperation model hosting 185 companies.

Chinese companies have also contributed to projects like the Benban Solar Park in Aswan Province, among the world's largest, along with infrastructure in construction, manufacturing, transport and energy.

"China's journey from traditional industry to high tech is a model for Egypt. We can benefit not just from Chinese investment, but from its expertise in technology, manufacturing and innovation," said Salah El-Din Fahmy, professor of economics at Al-Azhar University.

SOUTH-SOUTH COOPERATION

The China-Egypt partnership goes beyond the scope of economy, with officials and experts highlighting how the two countries are strengthening political coordination and amplifying the Global South's voice on key international issues.

Helmy underlined the political side of the partnership, noting China supports Egypt and the Arab world on issues including the Palestinian cause, while Egypt and Arab states back China on core interests like the one-China principle and maritime rights.

"This is a model of South-South cooperation across economic and political lines, reflecting the principle of a community of a shared future and the conviction that tensions and wars are not solutions but part of the problem," the expert said.

In the coming years, coordination between the two countries "is essential to face global challenges, including climate change, maritime trade routes, supply chain risks, and geopolitical tensions," he added.

Regarding the importance of the BRI for Egypt, Fahmy said that Egypt's geographic position makes it a gateway connecting Asia, Africa and Europe, offering a strategic platform within China's broader South-South development vision.

Looking ahead, experts see the China-Egypt partnership as more than a bilateral success story -- it's part of a shift toward a balanced, multipolar world where emerging economies play a stronger role in global development.

"Egypt-China cooperation is entering a new qualitative phase, helping elevate both nations and offer a stronger voice for the Global South on the international stage," Fahmy said.■