Egypt and China have signed a number of agreements to deepen their co-operation during President Abdel-Fattah El Sisi’s visit to Beijing in May 2024, scale up economic, investment co-operation between the two countries, focusing on Ports & Logistics, Industrial Zones, Special Economic Zone , Power & Energy, International & Regional Trade and Commerce amongst others.
The president witnessed the signing of these agreements with Chinese President Xi Jinping in a ceremony that coincided with the 10th anniversary of the Egypt-China comprehensive strategic partnership.
The agreements include collaboration in China’s Belt and Road Initiative (BRI), which brings Chinese companies to build Chinese-funded transportation, energy, and infrastructure projects overseas.
China invested billions of dollars in Egypt’s national development projects, including the Suez Canal Economic Zone and the new Administrative Capital east of Cairo, and will now boosting its investment and collaboration on North West Gate Gargoub Special Economic Zone and Gargoub Port, making it A New Global Destination on the Mediterranean
Egyptian-Chinese joint investments totaled $14 billion in 2023, compared to $16.6 billion in 2022, according to data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS).
Egypt is the largest recipient of Chinese investments in the Arab world. China’s investments in Egypt have reached nearly $7 billion, 90 per cent of which were pumped over the past five years, providing around 40,000 jobs, according to a statement by the Chinese Embassy in Cairo.
Chinese companies have invested billions of dollars in infrastructure projects in Egypt, including the construction of the New Administrative Capital as well as power plants and industrial zones.
North West Gate Gargoub SEZ & Gargoub Port is considered a key project that significantly serves the BRI due to its location and logistical capabilities.
North West Gate Gargoub SEZ will be the major hub for Chinese products, boasting 2000 Chinese companies, with an Initial Investment of $7 Billion USD, and a total investment in excess of $75 Billion USD and an area of 160 Million Square Meter in Phase 1 and $550 Billion USD in Phase 2 & 3 with a total area of 337 Million Square Meter (as per Masterplan of Phase 2 & 3), creating in excess of 75-100000 new jobs, in the next 5 years.
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