BRI: Chinese business delegation keen to invest in Egypt's industrial sector

Cooperation agreement signed between Egyptian and Chinese business associations

  
A worker uses a forklift to load wood planks on a truck in Damietta, Image used for illustrative purposes.

A worker uses a forklift to load wood planks on a truck in Damietta, Image used for illustrative purposes.

REUTERS/Mohamed Abd El Ghany

05 January 2020

Businesses from the Chinese city of Foshan are eyeing investment opportunities in Egypt's industrial sector, especially in electronics and furniture industries, a top official of Egyptian Businessmen's Association (EBA) said.

Last month, a delegation of General Chamber of Commerce of Chancheng district of Foshan had signed an agreement with EBA to exchange visits and enhance cooperation between the two sides.

EBA China Committee Chairman Ahmed Mounir Ezz El Din told Zawya Projects that the Chinese delegation expressed interest in investment opportunities in electronics and furniture industries, while the Egyptian side presented investment opportunities in Damietta Furniture City mega project and in the areas of household items, textiles and bicycles.

Ezz El Din said the delegation is studying the setting up of export-oriented factories in Egypt to target Africa by leveraging the country's trade agreements with African countries.

"Chinese investors are optimistic about the Egyptian market but also see Egypt as their gateway to the African market," he said, adding that the volume of trade between Egypt and China reached $13.5 billion in 2018, citing media reports.

Mohamed Helal, Vice Chairman of EBA's Energy Committee said cooperation protocol signed between the association and the Chinese delegation will help Egyptian businesses benefit from the experiences of their Chinese counterparts.

Vice-chairman of Egyptian-Chinese Business Council (ECBC), Mostafa Ibrahim added that more business visits and exchanges between the two countries will help attract more Chinese investment into various industrial sectors in Egypt.

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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© ZAWYA 2020

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