More Chinese investment likely in Egyptian textile sector: CCCT

11 Sep '24

2 min read

More Chinese investment likely in Egyptian textile sector: CCCT

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Insights

Egypt would see the flow of a large number of Chinese investors in the textile and apparel sector in the near future, the chairman of China Chamber of Commerce for Import and Export of Textile and Apparel said.
That is because Chinese investors find the Egyptian market attractive, with easy procedures, competitive labour and modern infrastructure, he said.

Egypt would see the flow of a large number of Chinese investors in the textile and apparel sector in the near future, according to the chairman of China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT).

That is because Chinese investors find the Egyptian market attractive, with easy procedures, competitive labour and modernisation of infrastructure over the past decade, he said.

The chamber chairman pointed out that China had been switching plans from nearshoring plants to countries like Vietnam and Myanmar to relocating to other countries like Egypt that are close to main markets.

Chief executive officer of Egypt’s General Authority for Investment and Free Zones (GAFI) Hossam Heiba recently received a CCCT delegation.

The delegation’s visit followed the Egyptian prime minister's attendance of the Forum on China–Africa Cooperation in Beijing last week.

Heiba said 2,000 Chinese firms now operate in Egypt, contributing to technology transfer, creation of thousands of jobs and bolstering of foreign currency inflow.

Heiba highlighted the approval of requests submitted by Chinese investors to procure lands in New Alamain and New Menya earlier this year, according to domestic media reports.

Egypt aims at attracting Chinese investments in tourism, textiles, home appliance, renewable energy, and automotives, particularly electric vehicles, he added.

Fibre2Fashion News Desk (DS)

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