posted
China to build first ever foreign industrial zone in Egypt
11 hours ago
CAIRO (AFP) — China is to build its first ever foreign industrial zone in Egypt in a project that is expected to draw 2.5 billion dollars in investment, Egypt's Trade and Industry minister said Tuesday.
The five-square-kilometre (two-square-mile) Chinese Egyptian Zone for Cooperation and Trade will be built near Suez over the next 13 years at a cost of 100 million dollars, Rachid Mohammed Rachid said in a statement.
The deal, inked during a visit by Chinese Deputy Minister of Commerce Liao Xiaoqi, is expected to attract 2.5 billion dollars (1.7 billion euros) in Chinese investments in industries including garments, textiles and electronics, it said.
The deal "is a testament to the considerable advantages that Egypt today offers as a manufacturing destination," Rachid said.
"This new zone will serve as a hub in the region for Chinese manufacturers looking to move closer to markets throughout the Middle East and Africa."
Rachid said during a visit to China last year that Egypt wanted to establish a "special relationship" that could see the United States replaced as Egypt's key economic partner.
posted
oh , so instead of importing cheap junk they are going to make it in egypt, i guess it saves shipping
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