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Egypt to Build Industrial Park to Attract Chinese Investors


□ Guo Yan

  Shanghai,March 20,2007-TheGeneral Auchority for Investmentand Free zones(GAFI)recentlyannounced its initiation about buildingindustrial parks in Egypt for Chineseenterprises. Through this agreement,GAFI intend to foster the further devel-opment of Chinese enterprises investingin manufacturing in Egypt.
  China and Egypt have conducteda long term good relationship inpolitical,economic and cultural areas.Increasing investments and developmentby Chinese enterprises in Egypt havepositively contributed to Egypt's eco-nomic development.Rachid Mohamed,Industry,disclosed that Egyptian of-ficials have been conducting dialogueswith Chinese officials on an agreement tobuild a Chinese industrial park.According to the Minister,Egypt possessescheap labor and energy costs,as well as an excellentgeographical location.Furthermore Egypt has also signedpreferential trade pacts with Europe,the U.S.and other Africannations.
  As the export center of Europe,Africa and the Middle East,Egypt isan ideal place for cluster industries.Minister Rachid expresses his hopes ofexpanding trade and investments with China."We are not yet at the stage of discussingdetails (on the Chinese industry park),but the general agreement in principle." He added,"The Chinese government will support enterprises to invest in Egypt.We have also agreedon certain industries to be invlved including car spare parts,leisure jproducts;textileproducts and electronic products." Minister Rachid once indicated that within eight yearsChina will overtake U.S.to become Egypt's biggest trading partner. ......
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