Latest news with #TEDASuezEconomicandTradeCooperationZone
Business Insider
4 days ago
- Business
- Business Insider
Africa emerges strategic 'testing ground' for China's currency ambitions
China's push to globalize its currency, the yuan, is gaining traction in Africa, with the continent emerging as a strategic testing ground for Beijing's broader de-dollarization ambitions. China is advancing the global use of its currency, the yuan, aiming for de-dollarization. The adoption of the yuan aligns with Africa's shifts towards non-Western financial systems. Africa serves as a strategic region for testing China's currency internationalization efforts. In a recent milestone, the central banks of China and Egypt signed a series of agreements to increase yuan use in bilateral trade and investment. The deals, signed during Chinese Premier Li Qiang's visit to Cairo last week, were praised by People's Bank of China governor Pan Gongsheng as ' a key step in advancing economic ties ' between the two countries. Key provisions include electronic payment cooperation such as expanding China's UnionPay system in Egypt, and enabling cross-border yuan-denominated transactions for banks operating in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone. These financial operations will be processed through the Cross-border Interbank Payment System (CIPS), China's alternative to the SWIFT network, thereby reducing reliance on Western financial systems. With this development, Egypt now joins a growing list of African nations, including South Africa, Nigeria, and Angola, that are actively incorporating the yuan into their trade and financial dealings with China. China's growing currency ambition in Africa The expansion of the yuan across Africa is part of China's broader strategy to challenge the dominance of the U.S. dollar. This move aligns with the continent's gradual shift away from Western financial systems toward a China-Russia-led coalition under BRICS, reflecting a strategic effort to diversify trade and currency frameworks. China-Africa trade reached $282 billion in 2023, cementing China's 15-year run as the continent's top trading partner. The surge has boosted renminbi use in cross-border deals and reserve holdings. Beyond Egypt, where the central banks recently signed agreements to deepen yuan usage in trade and investment, China has steadily advanced its currency diplomacy across Africa. As early as 2015, South Africa signed a 30 billion yuan swap deal to improve trade liquidity. The South African Reserve Bank (SARB) explained that the three-year agreement was designed to 'facilitate trade and investment' and serve as a 'buffer for short-term balance of payment pressures.' Earlier this year, Nigeria and China renewed their bilateral currency swap deal valued at 15 billion yuan (₦3.19 trillion), three years after the initial agreement expired. The People's Bank of China said the renewed three-year pact aims to ' promote bilateral trade and investment facilitation.' In Angola, a key oil supplier to China, the yuan is increasingly being used in energy and infrastructure transactions, with the Cross-Border Interbank Payment System (CIPS), China's alternative to SWIFT, being integrated into the financial system. Lauren Johnston, a senior research fellow at the AustChina Institute and China-Africa expert, told the South China Morning Post that Africa offers a strategic testbed for Beijing's currency goals. ' Africa is a continent where trade with China is important, but it is also one where many countries struggle to access sufficient foreign currencies such as the euro or US dollar, ' she noted. Johnston added, ''
The Star
6 days ago
- Business
- The Star
Egypt, China sign deal for flagship industrial zone expansion
CAIRO, July 16 (Xinhua) -- Egypt and China signed on Wednesday a deal for the expansion of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, with Chinese developer TEDA set to invest 100 million U.S. dollars in infrastructure to develop an additional 2.86 square kilometers at the Suez Canal Economic Zone (SCZone). The deal was signed between the SCZone, the Main Development Company (MDC), and TEDA Egypt in a ceremony attended by Egyptian Prime Minister Mostafa Madbouly, the Egyptian cabinet said in a statement. The expansion comes as TEDA nears completion of its previously allocated 7.34 square kilometers in Ain Sokhna area at the SCZone, bringing the total area of its industrial zone to more than 10 square kilometers, according to the statement. The 100-million-U.S.-dollar infrastructure investment is expected to help attract more diverse industrial investments and support the SCZone's goal of building integrated and sustainable industrial communities. Madbouly stressed "the importance of this cooperation in accelerating industrial development within the SCZone, whose capabilities qualify it to become one of the most important manufacturing and logistics hubs in the region." He said Egypt is working to strengthen partnerships with local and foreign private sectors to drive development and create jobs, praising the SCZone's achievements that have fueled developers' desire for further expansion. Established in 2008, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has become one of the SCZone's most prominent industrial hubs, having attracted 185 companies and over 3 billion U.S. dollars in cumulative investment. SCZone chairman Waleid Gamal Eldien said that the TEDA expansion "represents a new platform for localizing targeted industries within the zone and contributes to attracting more Chinese companies seeking access to regional and global markets." He noted that the SCZone has attracted Chinese investments exceeding 4 billion U.S. dollars over the past three years, adding that "the mutual trust between both sides and their shared goals pave the way to double this figure in the coming period." Cao Hui, executive director of Egypt-TEDA SEZone Development Company, told Xinhua that TEDA is committed to high-quality development in line with the Belt and Road Initiative and continues to advance the strategic upgrading of the TEDA zone. TEDA plans to fully develop the expanded area within 2 to 3 years, focusing on attracting high-end manufacturing enterprises, including those in new energy, new materials, automobiles and spare parts, and fine chemicals, Cao added.
Egypt Independent
09-07-2025
- Business
- Egypt Independent
Chinese PM's Visit to Egypt Reflects Depth of Strategic Ties Binding Two Presidents: Diplomat
Chinese ambassador to Egypt Liu Licheng said Chinese Premier Li Qiang's visit to Egypt on Wednesday July 9,2025 at an invitation of Egyptian Prime Minister Mostafa Madbouli constitutes a significant diplomatic milestone in advancing strategic consensus reached between President Abdel Fattah El Sisi and his Chinese counterpart Xi Jinping. In a press release issued by the Chinese embassy in Cairo, the Chinese ambassador said, the visit marks the Chinese primer's first official trip to Egypt attesting to continued strengthening and expansion of bilateral relations between the two nations. Liu voiced confidence that the visit would inject strong momentum into advancing the comprehensive strategic partnership between Egypt and China. Egypt and China are close partners, progressing in tandem toward shared goals, he said. The Chinese diplomat underlined the strong personal rapport between the two countries' presidents, who met twice over the past year and agreed to elevate bilateral ties, with the aim of building a 'community of shared future in the new era.' Earlier this year, both leaders also took part in commemorative events held in Russia to mark the 80th anniversary of the Soviet Union's victory in the Great Patriotic War. The ambassador underscored the mutual support Egypt and China extend to one another on matters of core national interest, noting Egypt's firm adherence to the 'One China' principle and China's consistent support for Egypt's efforts to preserve its sovereignty and national security. He said countries are intensifying high-level exchanges and bolstering communication and cooperation among their governments, legislative institutions and political parties across all levels and reinforcing mutual political trust. Liu said Beijing is Egypt's largest trading partner and primary source of imports, in addition to being one of the country's key foreign investors. He highlighted that the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, located in the Ain Sokhna district of Suez, has played a substantial role in driving local economic growth and generating significant employment opportunities in recent years. Chinese companies are actively investing in Egypt across a wide range of sectors, including new building materials, textiles, renewable energy and household appliances, thereby helping Egypt capitalize on its strategic geographic location as a key driver of economic development, added the diplomat. The ambassador also highlighted the ongoing financial cooperation between the two countries, which has supported Egypt's pursuit of sustainable development. He emphasized that China's model of modernization has delivered tangible benefits to the Egyptian people. The ambassador noted that Egypt was the first Arab and African nation to establish diplomatic relations with the People's Republic of China, affirming that the traditional friendship between the two countries has only deepened with time. Ambassador Liu highlighted that the previous year was designated the 'Year of the China-Egypt Partnership,' during which a wide array of cultural events were jointly organized to enhance mutual understanding and cooperation. He noted a growing interest among Egyptians in learning the Chinese language, accompanied by an increase in direct air travel that has further facilitated bilateral exchanges. Liu also underlined the strong enthusiasm of the Chinese public for Egyptian culture, as demonstrated by the widespread popularity of the Egyptian Antiquities Exhibition. Also, a joint Chinese-Egyptian archaeological team recently discovered a temple in one of Egypt's ancient capitals, marking a significant achievement in cultural collaboration. Liu said, the shared vision between China and Egypt exemplifies a new model of international relations with strategic significance extending beyond the bilateral framework. He elaborated that the two nations maintain close coordination within the United Nations and actively promote cooperation and solidarity among Global South countries through multilateral platforms such as the China-Arab States Cooperation Forum, the Forum on China-Africa Cooperation (FOCAC), BRICS and the Shanghai Cooperation Organization (SCO). The ambassador stressed that both countries consistently advocate for political solutions to international and regional crises, including the Israeli-Palestinian conflict and the war in Ukraine, thereby contributing to global stability amidst rising geopolitical tensions. Liu reaffirmed Beijing's unwavering support for Egypt's initiative, alongside other Arab states, to rebuild Gaza. The Chinese diplomat also expressed support for the joint statement issued by the foreign ministers of Egypt and over 20 Arab and Islamic countries, which calls for a ceasefire, the resumption of negotiations on Iran's nuclear issue, and the pursuit of lasting peace in the region. He noted that China-Arab relations have reached their highest historical level, with both sides committed to advancing the China-Arab community in the new era. This includes the comprehensive implementation of China's eight actions for global development and a five-point proposal to promote high-quality development of China-Africa cooperation, proposed by President Xi, added the diplomat. The ambassador highlighted that trade volume between China and Arab countries surpassed dlrs 400 billion in 2024, and that the Belt and Road Initiative now encompasses all 22 Arab states, delivering tangible benefits to the two billion people across both regions. Looking ahead, Liu noted that 2025 marks the 70th anniversary of diplomatic relations between China and Egypt, which will coincide with the anticipated second China-Arab Summit to be held in China, a milestone expected to usher in a new phase in both China-Egypt and China-Arab relations. He voiced hope that Qiang's visit would serve to reinforce traditional friendship, deepen mutually beneficial cooperation and advance China-Egypt relations toward the goal of building a China-Egypt community with a shared future in the new era, while also contributing to the development of a higher-level China-Arab community of shared future.
Egypt Today
22-04-2025
- Business
- Egypt Today
Chinese amb. in Cairo: TEDA cooperation zone with Egypt achieves breakthrough
Chinese Ambassador to Egypt Liao Liqiang - file CAIRO - 22 April 2025: Chinese Ambassador to Egypt Liao Liqiang announced that China-Egypt TEDA Suez Economic and Trade Cooperation Zone (TEDA) has recently achieved significant momentum on the financial level as first loan in renminbi worth 220 million yuan has been successfully disbursed to bank roll expansion work of second phase of the zone. The Japanese ambassador said in a tweet on X Tuesday: China-Egypt TEDA Suez Economic and Trade Cooperation Zone has succeeded in attracting 185 companies, with total investments exceeding dlrs 3 billion and sales value exceeding dlrs 5.3 billion, while tax payments amounted to about dlrs 300 million and provided nearly 10,000 direct job opportunities. Liao added the area is currently an exemplary leading model of successful industrial cooperation between Egypt and China.
See - Sada Elbalad
22-04-2025
- Business
- See - Sada Elbalad
Chinese Amb.: TEDA Advances Industrial Co-op with Egypt
Nada Mustafa Chinese Ambassador to Cairo, Liao Liqiang, announced that China-Egypt TEDA Suez Economic and Trade Cooperation Zone has recently achieved a major financial breakthrough with the successful disbursement of its first loan in renminbi, valued at 220 million yuan. The loan will finance the expansion of the zone's second phase. In a post on X (formerly Twitter) today, the ambassador highlighted the zone's impressive performance, noting that it has successfully attracted 185 companies with total investments exceeding $3 billion. The zone has recorded sales of more than $5.3 billion, paid around $300 million in taxes, and generated nearly 10,000 direct job opportunities. Ambassador Liao affirmed that the TEDA Suez zone has now become a leading model for successful industrial cooperation between Egypt and China. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
