Egypt's Suez Canal is planned to be an industrial and trading hub along the Red Sea and Mediterranean. The canal will play a role in linking trade within the Belt and Road Initiative. -- CGTN's Yasser Hakim met with the Vice President of the Suez Canal Economic Zone: General Mahfouz Marzouk. He began by asking him about the Chinese yuan, which has become one of the official currencies used in the Suez Canal.

MARZOUK MAHFOUZ, VICE PRESIDENT SUEZ CANAL ECON. ZONE "This is an indication of the growing importance of the Yuan against the dollar. At the Suez Canal we have a currencies basket which now includes the Yuan transactions equivalent to $3billion. Having the Yuan will create a balance in the international markets and we badly need that balance. Yuan is currently used in the vessels and shipping services only, but there are studies to be used in other sectors in the future. Working with the Chinese currency is important for Egypt as it seeks different sources of hard currency than the dollar."

How do you describe the Chinese investments in the Suez Canal zone?

MARZOUK MAHFOUZ, VICE PRESIDENT SUEZ CANAL ECON. ZONE "I don't call it investments, I call it success stories especially in the southern area of the Suez Canal. An example of the success is TEDA Chinese industrial city. They received 13.5 square kilometers of land in 2015. They finished the infrastructure and established 65 logistical entities and 33 industrial entities including Jushi, the largest fiber glass factory in the world. Jushi just opened their third production line last month. It was supposed to be opened in 2022 but investing here was so successful they pushed it ahead to 2018. Total Chinese investments on the ground in the zone is $1 billion. And there is a deal signed for a new factory as well worth $850 million."

How will the Belt and Road initiative benefit the economic cooperation between China and Egypt?

MARZOUK MAHFOUZ, VICE PRESIDENT SUEZ CANAL ECON. ZONE "The Belt and Road will upgrade the infrastructure in the 77 member countries of the initiative. Egypt will be a focal point, not just because of its location but also the Sokhna port here is a logistical knot for all the African countries to the Red Sea all the way to Ethiopia and covering West Africa. There are 70 industrial cities and zones in the region, but we are unique as we have a 100 million population with a strong purchasing power of $370 billion. We have a well trained labour market, we have multiple free trade agreements in the region covering 1.3 billion people. And a Chinese study proved that cost of production here is 50% cheaper. At the same time the Egyptian economy needs the Belt and Road for developing the infrastructure, rebuilding the economy and promoting trade and investments."

How do you describe the Chinese investments in Africa and Egypt's role in linking China with the continent?

MARZOUK MAHFOUZ, VICE PRESIDENT SUEZ CANAL ECON. ZONE "Africa has been ignored by the developed world for decades, but China is playing a huge role in the growth of the continent. For example, there is a Pan African road that's being constructed from north of Egypt to Cape Town in South Africa. We finalised our part all the way to Ethiopia. So you can take a car here in Suez Canal and drive straight until Adis Ababa. An open road. When it's finished it will reach Capetown and develop the whole continent. All this with the help of Chinese companies, Chinese know-how and investments."