Chinese Firms Grow Footprint in Egypt, Expanding Into Emerging Sectors

Chinese companies are ramping up their presence in Egypt, expanding beyond traditional manufacturing into emerging sectors such as new energy, new materials, express delivery, and high-end equipment, according to insights shared at a forum held in Cairo on Dec. 22.

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The China-Egypt Economic and Trade Symposium, hosted by the Europe-Africa Center of the China Foreign Languages Publishing Administration and co-organized by its Asia-Pacific Center and Yicai Media Group, focused on the new opportunities for economic cooperation between the two countries.

More than 80 representatives from Chinese and Egyptian businesses joined government officials and professionals from the Egyptian media, universities, and think tanks at the event.

"Since the beginning of this year, our on-site staff have welcomed over 300 business delegations," said Tian Dan, marketing manager at Teda Egypt. The number of projects settling in the China-Egypt Teda Suez Economic and Trade Cooperation Zone tripled this year to about 19.

Established in 2008, the Teda Cooperation Zone is located about 120 kilometers east of Cairo. A flagship project of China's Belt and Road Initiative, it has attracted more than 175 companies with investments exceeding USD3 billion and created nearly 10,000 direct jobs.

Egypt offers a stable and secure social environment with progressive open policies, said Shen Xiaodong, deputy general manager at the Egyptian branch of leading fiberglass maker China Jushi, an early settler in the zone.

Egypt's focus on developing fundamental economic infrastructure, including improving industrial supply chains, provides a favorable environment for Chinese firms, Shen noted. Jushi Egypt has built a four-line production plant and support facilities, the largest of its kind in Africa and China's biggest investment in Egyptian manufacturing, he added.

Courier J&T Express entered the market in 2021, attracted by Egypt's strategic location in North Africa close to Europe, said Chen Bingsong, chief executive of the delivery giant's Egypt branch.

"When we first entered the market, we were somewhat lost because many concepts here, including consumer behavior and market logic, differ greatly from those in China," Chen said, explaining that J&T addressed the challenge of many postal codes and unclear addresses by introducing a system for precise location mapping, solving the last-mile delivery issue.

Cooperation between the two countries is in a "golden age," according to Ahmed Saeed, president of Hekmat Cultural Industries Group. To achieve its Vision 2030 -- a long-term plan to improve Egypt's quality of life, economy, and social structure -- the country needs to transform into an export-oriented manufacturing economy, which requires significant capital and technology, he noted.

"China leads in many fields such as electric vehicles, electronic payments, and artificial intelligence, offering great potential for collaboration across industries," Saeed pointed out, adding that more Chinese businesses are welcome to invest in Egypt.

About Yicai Global

Launched in August 2016, Yicai Global is the English-language news service of Yicai Media Group, the financial news arm of Shanghai Media Group, which is one of China's largest state-owned media conglomerates. Focused primarily on China's business world, Yicai Global is dedicated to provide reliable and insightful information and analysis of the economy, finance, tech, startups, and entrepreneurs.
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