In three years, a new $1 billion tire manufacturing facility that is being built in partnership between Egypt and China’s Sailun Group in the Suez Canal Economic Zone (SCEZ) will begin production, eventually pumping 10 million tires into the market annually once production targets are hit. The first phase of the project is set to be completed by 2026. Memorandums of understanding (MOU) have been signed by the Central Bank of Egypt and the People’s Bank of China and cover initiatives such as local currency settlement and swap agreements, linking payment systems, and expanding technical cooperation.
Egypt’s Suez Canal Economic Zone comprises six ports and four industrial areas which benefit greatly from proximity to the waterway, but also from special legal and tax advantages.
China has partnered with Egypt on a range of sectors including ports, green hydrogen, industrial, and space projects. The China-Egypt TEDA Suez Economic and Trade Cooperation Zone plays host to more than 160 Chinese enterprises.
