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Egypt to attract Chinese investment in textiles
15 Sep '17
2 min read
The textile and automobile sectors in Egypt will attract Chinese investment to exploit the former’s cheap labour, Egyptian minister of trade and industry Tarek Qabil has said. Qabil said this after meeting São Gishang, president of the China Chamber of Commerce for Import and Export of Textiles, during his visit to China recently to discuss cooperation.
Chinese company Shandong Rui recently announced its plan to invest $800 million to construct a readymade garments factory in Egypt, an Egyptian newspaper reported.
Chinese firms are at present looking for manufacturing cars inside Egypt to overcome high customs duties, which is 40 per cent for imported cars from China, compared to low duties on cars from the European Union, Turkey and Morocco, Qabil told the newspaper.
Former chairman of Supreme Textile Council Mohammed Qasem said that higher minimum wages of Chinese workers will encourage Chinese textile companies to invest in Egypt.
Egypt is an optimal choice for China to set up a hub for manufacturing cars and export them to other African nations, Qabil added, as the industry ministry offers huge incentives to attract investments for car manufacturing.
A joint committee was set up in 2016 by the Egyptian Government to improve production capabilities between the two countries and set a plan for constructing 12 projects in electricity, transport, housing, industry and telecommunications. (DS)
Chinese company Shandong Rui recently announced its plan to invest $800 million to construct a readymade garments factory in Egypt, an Egyptian newspaper reported.
Chinese firms are at present looking for manufacturing cars inside Egypt to overcome high customs duties, which is 40 per cent for imported cars from China, compared to low duties on cars from the European Union, Turkey and Morocco, Qabil told the newspaper.
Former chairman of Supreme Textile Council Mohammed Qasem said that higher minimum wages of Chinese workers will encourage Chinese textile companies to invest in Egypt.
Egypt is an optimal choice for China to set up a hub for manufacturing cars and export them to other African nations, Qabil added, as the industry ministry offers huge incentives to attract investments for car manufacturing.
A joint committee was set up in 2016 by the Egyptian Government to improve production capabilities between the two countries and set a plan for constructing 12 projects in electricity, transport, housing, industry and telecommunications. (DS)
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