China's giant shoe manufacturer Huajian Group is likely to invest a huge amount in Egypt's leather industrial area on the outskirts of capital Cairo, the Egyptian trade and industry minister said in a statement on April 10.
Amr Nassar, Egypt's minister of trade and industry, made the statement after his meeting with a delegation from Huajian led by the group's founder and chairman Zhang Huarong, which was attended by Han Bing, minister counsellor for economic affairs at the Chinese embassy in Cairo.
"Huajian targets pumping huge investments in the new Roubiki Leather City, particularly finished leather products with high added-value," said the Egyptian minister. He revealed that the Chinese footwear producer also plans to establish a complete industrial zone near an international airport for some light industries including textiles, electronics and home appliances, Xinhua reported.
"Egypt provides all forms of support to earnest investors in all economic and investment sectors that would benefit the investors and the Egyptian economy alike," Nassar added. He highlighted Huajian's expertise in leather manufacturing and its success in establishing a complete leather industrial park in Ethiopia, describing the group as "one of the largest investors in Africa."
For his part, Zhang said that his group's plan to invest in Egypt comes within the framework of China's Belt and Road Initiative (BRI) for joint development that encourages Chinese investments in BRI participating states. The chairman of Huajian described Egypt as a focal point in the BRI, adding that the Egyptian leadership has a clear vision on investing in Africa, "which is a big motivation for our group to invest in the Egyptian market."
Zhang also praised the recent positive development of the Egyptian economy under the country's economic reform program, according to the trade ministry's statement, as reported by Xinhua.