Egypt and China in talks to set up industrial zone

Reuters/ Suez Canal Authority

Egyptian and Chinese officials have engaged in further discussions about setting up a Chinese industrial zone along the Mediterranean Sea, according to a local news report.

Egypt’s Minister of Trade and Industry, Ahmed Samir, and Zhang Tao, the acting Chinese Ambassador to Cairo, discussed the progress made since last month’s meeting with Samir’s Chinese counterpart, Wang Wentao, in Cairo.

The plan involves an industrial zone to serve the local market and facilitate exports to Europe and America, Daily News Egypt, a news outlet, reported.

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Samir said the zone’s opening, following the agreement’s completion, will mark Egypt’s first achievement as a member of Brics, adding that the move is expected to attract significant inward investments shortly.

The proposed industrial zone will focus on traditional and high-tech sectors, mainly targeting technological industries. This initiative seeks to position Egypt as a manufacturing and export hub for Chinese products.

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Financial details were not disclosed.

Zhang Tao affirmed China’s commitment to further promoting investment in Egypt and enhancing cooperation between Beijing and Cairo across various sectors.

China-Egypt bilateral trade reached 111.2 billion yuan ($15.5 billion) in 2023, Global Times newspaper reported, citing data from China’s General Administration of Customs.