During Chinese President Xi Jinping's visit, China and Egypt signed an agreement to launch the third phase of the Egyptian-Chinese industrial zone at the Suez Canal. Officials state the zone already hosts 200 companies and approximately $4 billion in investments. This move is expected to give Beijing greater influence in the critical global trade artery, especially as conflicts in the region choke traffic in the Strait of Hormuz and the Bab al-Mandeb Strait.