Djibouti (Mogadsihu24)-Djibouti’s Minister of Economy and Finance in charge of industry, Hon. Ilyas Mousa Dawaleh, embarked on an official visit to China, to strengthen economic and investment ties between the two nations.

The Minister engaged in high-level discussions with his counterparts in the Chinese finance sector, top-ranking Chinese government officials, and key players in China’s investment industries on Wednesday.

The Minister signed crucial agreements and deals between SIB Bank and China’s Cross-border Internal Inter-banks Payment System (CIPS).

“Happy to announce that Djibouti is now a Regional Financial Hub for RMB Settlement. SIB Bank Djibouti will be the first African Direct Partner with China CIPS/Cross-border Internal Inter-banks Payment System. Excellent Meeting with President Xu Zaiyue from CIPS, Cross-Border Interbank Payment System,” said Ilyas Mousa Dawaleh, Djibouti’s Minister of Economy and Finance.

The Minister also signed an important Strategic Partnership Agreement between the CNBM/SINOMA Group, a world leader in the industry, and the Ali Sabieh Cement Company, Cimenterie d’Ali Sabieh.

“Signed a Strategic Partnership Agreement between the CNBM/SINOMA Group (World Leader) and Cimenterie d’Ali Sabieh, for a second bagging line soon, aiming to double the production of Arrey cement in 2024-2025 for export,” he added.

Djibouti’s strategic location in Africa and its extraordinary culture and natural resources have made it a key trade hub for the continent, attracting investments and fostering bilateral relations with countries such as France, the United States, Russia, Italy, China, and several Arab nations.