‘Made in China’ now made in Egypt
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Around 950 Chinese companies have set up operations in Egyptian free zones, representing a total investment of nearly 300 million US dollars.
Cheap raw materials and favourable export conditions have given them easy access to foreign markets. Local salaries are low enough to compete with those of Chinese workers, even with a system of bonuses offered to the Egyptian workers at the end of each month.
Most of them work in industry (526 companies), 306 companies are in the service industry, 31 in the agricultural sector and eight in tourism, according to Egypt’s General Authority for Investment (GAFI) which oversees free zones in the country.
It is hoped the Forum on China Africa Cooperation (FOCAC), which kicks off on Sunday in the Red Sea resort of Sharm el-Sheikh and attended by about 50 states, will speed up the rhythm with the signing of a Chinese-Egyptian agreement to encourage more investment in the country.
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