Egypt, China Discuss Prospects For New Chinese Industrial City
Date
3/12/2024 11:12:20 PM
(MENAFN- Daily News Egypt)
Egypt's Minister of Trade and Industry, Ahmed Samir, recently met with Zhang Tao, the Acting Chinese Ambassador to Cairo, along with a delegation, to discuss the progress made since last week's meeting with the Chinese Minister in Cairo. The talks focused on establishing a Chinese industrial zone along the Mediterranean Sea to serve both the local market and exports to European and American markets.
Minister Samir announced that a delegation comprising representatives from the Ministry, the Federation of Chambers of Commerce, and the Federation of Egyptian Industries will travel to Beijing next week. The visit aims to engage with Chinese officials and promote the industrial zone, while also exploring investment opportunities.
Samir emphasized that the opening of this zone, following the completion of the agreement, will mark Egypt's first achievement as a member of BRICS. It is expected to attract significant investments to the Egyptian market shortly.
The proposed industrial zone will feature both a traditional sector and a high-tech sector focused on technological industries with high added value. This initiative is set to facilitate the transfer of expertise and advanced technologies to Egypt, positioning the country as a manufacturing and export hub for Chinese products. The increasing interest from Chinese companies in establishing factories in Egypt underscores the potential benefits of consolidating these operations within a single industrial zone that offers manufacturing and export advantages.
Furthermore, Samir noted that exports from this region would gain from Egypt's network of trade agreements with numerous countries and major economic blocs, particularly the partnership agreement with the European Union and the QIZ agreement, which permits duty-free entry of Egyptian-manufactured goods into the United States.
The minister also highlighted the dynamic nature of Egypt-China relations, especially following Egypt's entry into BRICS and the ongoing development of the Chinese Industrial Zone in Ain Sokhna (TEDA).
Zhang Tao, in his capacity as Acting Chinese Ambassador to Cairo, assured that the embassy would promptly liaise with relevant government bodies, investor groups, and business leaders to maximize the benefits of the upcoming visit and yield concrete outcomes beneficial to both nations.
Tao also expressed China's commitment to encouraging further Chinese investment in Egypt and strengthening cooperation between Beijing and Cairo in all sectors.
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