Over 2,800 Chinese firms invest $8bn in Egypt: GAFI chief
More than 2,800 Chinese companies currently operate in Egypt, with combined investments surpassing $8bn, according to Hossam Heiba, CEO of Egypt's General Authority for Investment and Free Zones (GAFI). Major investors include OPPO, Haier, Jushi, Midea, TEDA, Huawei, and Brilliance Auto.
Heiba met with Wang Weizhong, Governor of China's Guangdong Province, to discuss deepening economic cooperation and advancing the investment agenda for the second half of 2025. The meeting brought together senior Chinese officials and executives from major companies already operating in Egypt or eyeing future investments—including Midea, OPPO, ZTE, and GAC Motor.
The two sides reviewed a packed schedule of upcoming events aimed at strengthening bilateral investment ties. Highlights include Egypt's participation in the World Economic Forum in Tianjin from June 24–26, followed by business forums in Beijing and Shanghai. Cairo is set to host the Egypt-China Investment Forum in July, with the attendance of Chinese Vice Minister of Commerce Wang Shouwen. Egypt is also preparing to take part in the China Import and Export Fair (Canton Fair) in Guangdong this October, which will bring together over 60,000 economic institutions.
Heiba stated that the strong momentum in Egyptian-Chinese investment cooperation is driven by robust political relations, Egypt's favorable business environment, and shifting global economic dynamics. These factors have led to a noticeable increase in Chinese delegations exploring investment opportunities in Egypt.
He emphasized Egypt's prioritization of Chinese investments due to their high potential for job creation and technology transfer. Among current initiatives is the planned launch of a dedicated Chinese textile city in Minya in cooperation with the China National Textile and Apparel Council, operating under Egypt's export-oriented free zone framework.
Additionally, three Chinese companies—Haier, Midea, and Shanfeng—have been granted Egypt's 'golden license,' streamlining the process for business establishment and operation.
GAFI is actively targeting new Chinese investments in strategic sectors including automotive manufacturing, building materials, electronics, renewable energy, AI, data centers, and textiles.
Governor Wang affirmed the strength of the China-Egypt comprehensive strategic partnership, established in 2014, and proposed the creation of a permanent Egyptian cultural exhibition in Guangdong to help boost tourism. He noted that Guangdong alone accounts for 20% of China's total trade with Egypt.
During the visit, GAC Motor Chairman Feng Xingya announced a $300m investment to establish a new car manufacturing facility in Egypt to serve both domestic and export markets.
ZTE CEO Zhou Peng said the company plans to expand its local presence and increase technology transfer in response to Egypt's growing demand for telecom infrastructure. OPPO Egypt's General Manager, Ma Jixiang, highlighted that the company has built two factories since its 2014 market entry, creating 1,000 jobs and producing up to five million phones annually. OPPO now aims to make Egypt its second-largest production hub after China.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
Scatec's Egypt Green Hydrogen Project signed 20-year offtake agreement with Fertiglobe, based on H2Global award
SeeNews Scatec ASA's Egypt Green Hydrogen project, in partnership with Fertiglobe, Orascom Construction, The Sovereign Fund of Egypt and the Egyptian Electricity Transmission Company, reaches a key milestone, after Fertiglobe secured a green ammonia offtake agreement with Hintco in Germany, through the first ever H2Global auction. Based on the award, Fertiglobe and Egypt Green Hydrogen have entered into a 20-year ammonia offtake agreement. The agreement was signed at the Egypt-EU Investment Conference in Egypt on 29 June 2024. 'The H2Global award represents a key milestone for the Egypt Green Hydrogen project in Ain Sokhna, Egypt. This demonstrates the competitiveness of green hydrogen and ammonia production in Egypt, driven by its abundant renewable energy resources and strategic geographical location. We are grateful for the Egyptian government´s leading role in supporting this pioneering project and we look forward to continuing to work with the relevant stakeholders to establish Egypt as a regional green hydrogen hub. With Fertiglobe securing an offtake agreement for the ammonia, Egypt Green Hydrogen will accelerate the project's development and advance it towards financial close,' says Scatec CEO Terje Pilskog. In 2021, Scatec and partners agreed to develop, build, own and operate a 100 MW electrolyser facility to produce renewable hydrogen to be used as feedstock for the production of renewable ammonia at Fertiglobe's existing ammonia plant in Ain Sokhna, Egypt. The project will be powered by about 270 MW of solar and wind power capacity and deliver approximately 13,000 tonnes of renewable hydrogen and up to 74,000 tonnes of renewable ammonia annually. Scatec is the lead developer and majority sponsor of Egypt Green Hydrogen with an ownership share of 52% and will provide EPC services in collaboration with Orascom Construction. Scatec will further provide O&M and Asset Management services for the project alongside key technology providers and project partners. Next important milestones for the project are to select the electrolyser supplier and complete the project financing process with the European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Germany's development finance institution and KfW subsidiary DEG, British International Investment (BII), and US International Development Finance Corporation (DFC), that are providing competitive financing to support the first green hydrogen and ammonia project in Egypt. The partners expect to reach financial close in the first half of 2025. Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, said: 'This award marks a significant milestone for Fertiglobe in advancing sustainable ammonia production and a further critical step towards FID of Egypt Green Hydrogen, expected in H1 2025. Our selection as the winning bidder in H2Global's pilot auction underscores our leadership in supplying low-carbon products and our commitment to shaping a more sustainable future, and I appreciate the work of our incredible team to make this award possible. We are leveraging this vital program which makes our investment in sustainable ammonia economically viable, supporting critical decarbonization technology, while maintaining our disciplined growth strategy.' Gelsomina Vigliotti, Vice President of the European Investment Bank, said: 'Green hydrogen has a key role to play in the energy transition and in providing carbon-neutral solutions for industry. The first offtake agreement for hydrogen produced in Egypt, agreed at the Egypt-EU Investment Conference, represents a key step for future large-scale investment in the sector. The European Investment Bank looks forward to strengthening our cooperation with Scatec, Egyptian and international partners to mobilise investment for large-scale renewable hydrogen production in Egypt.' Nandita Parshad, Managing Director of the EBRD's Sustainable Infrastructure Group, said: 'The signing of the offtake agreement is a key milestone for the Egypt Green Hydrogen project with our long standing clients Scatec and Orascom Construction, as well as the Sovereign Fund of Egypt and Fertiglobe. The EBRD is proud to support this pioneering project which will produce 13,000 tons of renewable hydrogen annually and demonstrate the commercial viability of renewable Hydrogen in Egypt.' Monika Beck, Managing Director at DEG, commented: 'It is part of DEG's mission as an impact and climate financier to promote green hydrogen as a driver of green transformation. We are delighted to contribute to mobilizing investment in this milestone project in Egypt together with our esteemed client Scatec and our development finance partner institutions. We are convinced that it is essential to join forces to drive forward the green transformation, and the private sector plays a key role in this.' Iain Macaulay, Director and Head of Project Finance in Africa at BII, said: 'Egypt has the potential to be a global leader in renewable energy generation and green hydrogen production. I am delighted that BII has been able to provide project finance to back this landmark project, that will support a green and sustainable future for the country and showcase the importance of new technologies in supporting a just transition for the whole African continent.' The project is located in Egypt's Suez Canal Economic Zone (SCZONE), which seeks to become a major hub for green hydrogen industries. Waleid Gamal Eldien, Chairman of SCZONE, said: 'The Egypt-EU Investment Conference 2024, marked a vital milestone on Egypt's pathway to become a global green ammonia hub, as we celebrated the signing of a flagship offtake agreement between Fertiglobe and Egypt Green Hydrogen, the first green hydrogen plant in Africa, located at the SCZONE. As first agreement under H2Global auction, the offtake not only demonstrates the EU support to the emerging green hydrogen industry and the realization of Egypt's potential, but additionally emphasizes Egypt's determination to reach its vision, and showcase its comparative advantage stemming from its abundant renewables resources, industrial land, and its unique geographic location with ease of access to the world. The agreement is a testimony of Egypt's leadership and support in mobilizing its resources to attract foreign direct investments in green projects through the facilitation provided by its stakeholders.' The H2Global Foundation was established in 2021 to accelerate the emergence of markets for clean hydrogen and other zero-and low-emission technologies worldwide. It does so through market-based instruments, such as the H2Global mechanism, implemented by its subsidiary Hintco. The German Federal Government has committed EUR 4.43 billion into this initiative. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Middle East
4 hours ago
- Middle East
OPEN// FM says Egypt eager to enhance relations with China
CAIRO, June 4 (MENA) – Minister of Foreign Affairs, Emigration and Expatriates Badr Abdelatty said Wednesday Egypt wants to work with the Chinese side to elevate relations to broader horizons. This came during his meeting with Special Envoy of the Chinese Government on the Middle East Issue Zhai Jun. Abdelatty highlighted that over a decade has passed since the announcement of the comprehensive strategic partnership between Egypt and China, which was made by their presidents in December 2014, noting the remarkable development in bilateral relations across various sectors in recent years, foreign ministry spokesperson Tamim Khallaf said. The minister praised China's contribution to infrastructure projects in Egypt and affirmed Egypt's eagerness to attract more Chinese investments and companies. He presented the available investment opportunities in Egypt and the efforts made by the government to support the private sector within an integrated plan for economic development. Minister Abdelatty briefed the Chinese envoy on Egypt's mediation efforts to reach a ceasefire in Gaza, in cooperation with the United States and Qatar, stressing the need for the urgent delivery of humanitarian aid to alleviate the humanitarian crisis affecting the Palestinian people. He applauded China's balanced stance on the Palestinian issue and reiterated the need for the Palestinian people to obtain their legitimate rights, foremost among which is the right to establish an independent Palestinian state along the June 4, 1967 borders, with Al-Quds (East Jerusalem) as its capital. The meeting also addressed several regional issues, including developments in Lebanon, Syria, and Sudan, as well as the security of navigation in the Red Sea. (MENA) A I E/R E E
See - Sada Elbalad
4 hours ago
- See - Sada Elbalad
Al-Mashat Holds Bilateral Discussion with OECD Secretary General during Visit to Paris
SEENEWS Press Release Minister of Planning, Economic Development, and International Cooperation Holds Bilateral Discussion with Secretary General of the Organization for Economic Cooperation and Development (OECD) During Her Visit to Paris * 'Al-Mashat': The joint relations with the OECD enhance evidence-based policymaking and institutional reform to drive development efforts. • Egypt's chairmanship of the MENA Governance and Competitiveness for Development Initiative is an opportunity to enhance regional dialogue and exchange experiences. • We look forward to developing the Country Program to provide more tools and operational plans that strengthen development efforts. • OECD Secretary-General: Egypt's OECD country program is a step towards formal membership. • OECD Deputy Secretary-General praises Egypt's experience in enhancing private sector access to development financing. H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a bilateral meeting with Mr. Mathias Cormann, Secretary-General of the Organization for Economic Cooperation and Development (OECD), to discuss ways to strengthen cooperation between the two sides, as part of the OECD Ministerial Council Meetings in Paris, which are being held this year under the theme: 'Leading the Way towards Resilient, Inclusive, and Sustainable Prosperity through Rules-Based Trade, Investment and Innovation'. During the meeting, H.E. Dr. Rania Al-Mashat affirmed deep appreciation for the strong and evolving relationship with the Organization for Economic Cooperation and Development (OECD), whether through the bilateral cooperation program between Egypt and the OECD, or through the OECD's MENA Initiative on Governance and Competitiveness for Development, noting that this cooperation reflects a shared commitment by both sides to support evidence-based policymaking, enhance institutional reform, and advance the sustainable development agenda. H.E. pointed to Egypt's co-chairmanship of the OECD MENA Initiative on Governance and Competitiveness for Development. This new mandate provides a unique opportunity for active participation in regional dialogue, strengthening mutual learning mechanisms, and exchange experiences based on real-life reform applications. Al-Mashat praised the continued constructive cooperation within the framework of Egypt-OECD Country Program, which has been extended through 2025. The program is a key pillar of the joint corporation framework, serving as a vital tool for integrating international expertise into Egypt's national development strategy, particularly 'Egypt Vision 2030' and the National Structural Reform Program. The program includes 35 projects distributed across five main pillars, designed through a broad participatory process, reflecting Egypt's commitment to ownership of reforms and policy coherence. H.E. explained that the program witnesses coordination and collaboration with various relevant parties in Egypt to implement it, expressing her aspiration to further develop cooperation within the framework of the Country Program beyond the stage of issuing recommendations, toward providing tools and actionable plans that can reflect on development efforts in a more impactful manner, noting that the program strengthens partnership with the OECD and is an effective step towards Egypt's accession as a member country of the Organization for Economic Cooperation and Development. For his part, the OECD Secretary-General pointed to the OECD's openness policy toward admitting more member countries, explaining that the Country Program with Egypt is an important step for Egypt to become the first Arab and African country to join the OECD. In the same context, H.E. Dr. Rania Al-Mashat met with Ms. Mary Beth Goodman, OECD Deputy Secretary-General, where the meeting addressed the Organization's preparations to finalize the new development strategy. Ms. Goodman praised Egypt's effective contribution in providing feedback on the strategy, emphasizing that it is prepared through a participatory framework to develop solutions to development challenges, especially in light of the efforts of many countries to reduce development funding, which underscores the need for emerging economies to strengthen their domestic resource mobilization. H.E. Dr. Al-Mashat emphasized that Egypt has a pioneering experience in leveraging development financing for the private sector, which has become the main beneficiary of such financing, rather than the government. The Deputy Secretary-General praised this experience and stressed the importance of highlighting it so that other OECD member countries can benefit from it. H.E. Dr. Al-Mashat also met with Mr. Andreas Schaal, Director for OECD Global Relations and Co-operation. The meeting addressed the future of joint relations between the two sides, the general framework for countries to become members of the OECD, the mechanisms for evaluating the OECD Country Program applied in member states, and how to benefit from these experiences. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
