Chinese company to inject $800m investment in Egypt

CAIRO – 14 May 2017: The establishment of a comprehensive industrial complex in Egypt to manufacture textiles and clothes has been proposed by China's Shandong Ruyi Technology, according to a statement by Minister of Trade and Industry Tarek Kabil.

The complex targets investments worth $800 million and is expected to open up about 5,000 job opportunities, Kabil further clarified.

The minister’s remarks were made on the sidelines of his meeting with the executive president of the China-based company.

The two sides reviewed the company’s expansion projects in several African countries, including those of Egypt, Ethiopia, Nigeria, Senegal, Mali, Zambia, and Mozambique.

Moreover, Kabil hailed Shandong Ruyi Technology as one of the largest Chinese textile companies, noting that it has cooperation ties with a number of global peers in South Korea, Australia, Japan, New Zealand, India, Italy, Germany, as well as the UK.