A Chinese business delegation is visiting Egypt next month to discuss investment opportunities in textile industries, Chinese Ambassador to Egypt Song Aiguo tells Al Borsa. The visit comes a few months after the Industrial Development Authority (IDA) and Egyptian-Chinese company Sino-Egypt Minkai agreed to set up a USD 2 bn textile industrial complex over 3.1 mn sqm in Sadat City. The complex, which will eventually include 568 factories, will see the completion of phase one within three years, with the Chinese partners covering 60% of the investment value.

Tags: