www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Companies

Chinese companies boost operations in Egypt

By Hou Liqiang in Suez,Egypt (China Daily) Updated: 2016-02-15 08:11

Chinese companies boost operations in Egypt

Jushi Egypt, set up by a Chinese fiberglass manufacturer, paid $17.1 million in taxes to the local authorities last year. [Photo provided to China Daily]

Preferential policies and opportunities generated by the Belt and Road Initiative proving a major draw

More Chinese companies are setting up shop in Egypt or expanding existing operations there to take advantage of opportunities presented by the Belt and Road Initiative, as well as the nation's prime location and rich resources, executives said.

While such a move helps Chinese firms cut costs, due in part to preferential trade policies offered to Egypt in Europe, the Middle East and sub-Saharan Africa, it also contributes to Egypt's industrialization and creates jobs.

Jushi Group, a Chinese fiberglass manufacturer, set up a local subsidiary, Jushi Egypt, in January 2012. Located in the China-Egypt Suez Economic and Trade Cooperation Zone, the company has an annual output capacity of 80,000 metric tons. The plant cost $223 million.

According to Yang Jixiang, deputy general manager, the subsidiary exported 95 percent of its products-valued at about $84 million-in 2015 and paid about 135 million Egyptian pounds ($17.1 million) in local taxes.

He said the operation has driven the development of downstream and upstream industries in Egyptian fiberglass. "Two Chinese companies have started businesses in the economic zone to supply us with materials, while an Egyptian factory has upgraded its technology and increased the number of mills it operates from one to four to meet our need for kaolin powder, a raw material in fiberglass."

The company is building a new assembly line, also with an output capacity of 80,000 tons, which will go into service in June.

Jushi Egypt employs about 1,100 Egyptians, who make up 40 percent of its mid-level executives, and 60 Chinese. Yang said the Chinese contingent will not be increased to handle the extra capacity.

He explained that the company chose to set up a base in Egypt because of the country's location and the preferential trade policies it enjoys in other markets. "If you export fiberglass to Europe from China, you have to pay anti-dumping and anti-subsidy duties of 24.8 percent, not to mention the tariff. There is no tariff if you export to Europe or the Middle East from Egypt, nor any anti-dumping and anti-subsidy duties."

Also, it takes at least a month to ship goods from China to Europe, but from Egypt it takes only a week, and a container could arrive in Turkey in just two days, he said.

Egypt is rich in human and natural resources, too. "Engineers in Egypt are well-educated," he added.

In early 2013, Muyang Co Ltd, China's largest feed machinery manufacturer in terms of revenue, also teamed up with the China-Africa Development Fund to establish Muyang Egypt in the China-Egypt Suez Economic and Trade Cooperation Zone. Together, they made an investment of $74 million.

The first phase of the project went into operation in December. Annually, Muyang Egypt aims to produce 5 million tons of silo storage units, 6,000 tons of steel structures and 50 units of feed machines, a combined sales value of $150 million.

Li Xiangdong, manager of Muyang Egypt, said the factory is in answer to the Belt and Road Initiative, which is an ambitious strategy aimed at better connecting Asia, Europe, the Middle East and Africa through infrastructure projects.

"The Chinese government's preferential policies have provided us with a very good investment environment," he said, adding that the Egyptian subsidiary's products can easily be shipped to markets in the Middle East and Africa via the Gulf of Suez, while cheap labor costs had reduced overheads.

Muyang Egypt will initially concentrate on making silos that reduce the risk of food wastage during storage and transportation, a common problem in Africa, Li said.

In addition to producing storage units for African governments, the company will also make silos that can hold up to 100 tons for African farmers to securely store their harvests.

Brilliance Auto Group, a Chinese carmaker, has announced plans to restart its assembly line in Egypt this year. The facility ran from 2006 until it was suspended in 2009.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 日本精品中文字幕有码 | 大毛片a大毛片 | 国产一级aaaaa毛片欧美 | 欧美性精品hd在线观看 | 国产最新网站 | 国产欧美日韩精品一区二区三区 | 成年人在线观看免费 | 久久精品国产免费高清 | 欧美丝袜自拍 | 美女视频免费看视频网站 | 国产精品成人亚洲 | 爽爽免费视频 | 毛片图片| 国产波多野结衣中文在线播放 | 久久网免费 | 久久久综合久久 | 国产伦精品一区二区三区免费 | 欧美人与z0z0xxxx | 亚洲第一网色综合久久 | 国产亚洲精品成人久久网站 | 老司机毛片 | 欧美一级人与动毛片免费播放 | 国产女人伦码一区二区三区不卡 | 久久精品视频在线播放 | 欧美亚洲中日韩中文字幕在线 | 女人毛片a毛片久久人人 | 米奇色网| 99视频免费观看 | 久久人视频 | 日本一区不卡视频 | 亚洲国产高清在线 | 欧美一级级a在线观看 | 一级黄色免费网站 | 精品久久久久久久久免费影院 | 欧美在线视频 一区二区 | 亚洲欧美人妖另类激情综合区 | 欧美在线视频免费观看 | 深夜福利视频在线看免费 | 国内精品久久久久久久影视麻豆 | 伊人狼人综合 | 欧美一级毛片aaa片 欧美一级毛片不卡免费观看 |