Xiao Junzheng, charge d'affaires of the Chinese Embassy in Cairo, on Monday said  global network equipment supplier Huawei "could serve Egypt in making a leap-forward development for its technology industry." 

"Huawei could provide valuable opportunities for developing countries to adopt the latest technology achievements and accelerate industrialization," Xiao said in his speech at the fifth Euro-Mediterranean Finance Conference, titled "MEDA Finance."

He said that Huawei, a leader in 5G network technology, took a path that provides an important reference for other countries to independently develop high-tech industries.

The Chinese diplomat said Huawei offers everyone more alternatives, while the only choice in the past was to pay high prices.

Xiao stressed that the Belt and Road Initiative (BRI) provides an open platform, not an exclusive club, and is against unilateralism and protectionism.

China has signed 187 cooperation documents with more than 160 countries and international organizations, including Egypt, since proposing the BRI in 2013, said Xiao.

He said China's trade with relevant countries has exceeded 5 trillion U.S. dollars, and China's direct foreign investment exceeded 60 billion dollars, which created more than 200,000 jobs for local society in the past six years.

Egypt's Investment Minister Sahar Nasr said Egypt is witnessing changes and moving to be one of the most attractive countries for foreign investment.

"MEDA Finance" is a good step to move the Egyptian economy forward, attract investment and encourage exportation, Nasr said.

He also noted that the Euro-Mediterranean region is facing challenges, which require regional and international cooperation.