The cabinet agreed in its meeting Tuesday to inking a memorandum of understanding between Egypt and China on participating in Silk Road Economic Belt.

The decision aims at achieving best means of economic integration and exchanging goods, technological expertise and capital between both countries to contribute to boosting development and progress in the economic, social, environmental and cultural fields.

The cabinet said that this comes within the framework of developing strategic ties between Egypt and China and implementing a number of projects to achieve support for cooperation between both states and benefit from the Chinese developmental expertise.

The MoU aims at reaching coordination and consultation along with deepening mutual trust and boosting economic and social development.

According to the MoU, both sides vow to achieve cooperation in the field of developing strategies and infrastructure.

The memo also aims at boosting trade exchange between both countries via opening markets and encouraging businessmen to develop industrial zones and achieve financial integration.