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China to Invest $5 Bn in Egypt

Officials touring the Chinese projects in Egypt (Suez Canal Economic Zone)
Officials touring the Chinese projects in Egypt (Suez Canal Economic Zone)
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China to Invest $5 Bn in Egypt

Officials touring the Chinese projects in Egypt (Suez Canal Economic Zone)
Officials touring the Chinese projects in Egypt (Suez Canal Economic Zone)

Egypt's Suez Canal Economic Zone is in negotiations with Chinese companies to implement investment projects worth $5 billion, according to an official statement from the Suez Canal Authority.

The deputy chairman of the southern part of the Zone, Walid Youssef, visited the Chinese industrial zone TEDA in Ain Sukhna on the Red Sea coast.

Youssef met with several directors of Chinese companies operating in the region to follow up on developments in implementing investment projects.

The meeting discussed some Chinese projects to be implemented through the ongoing negotiations with TEDA-Egypt.

In a press release, the Suez Canal Economic Zone indicated that Chinese companies intended to implement industrial projects in Egypt for the first time, with total investments of $5 billion, providing at least 5,000 direct and indirect jobs.

The meeting discussed cooperation during the coming period and mechanisms for attracting more Chinese investments to the region, especially after the expansions and new production lines.

The meeting addressed some outstanding issues and problems facing investors in light of global and political changes affecting global supply chains.

According to the statement, the official affirmed that the administration is determined to attract the largest possible amount of investments in the industrial sectors to meet the needs of local and regional markets.

For his part, Vice Minister and Deputy Chairman for Investment Ibrahim Abdelkhalek described the trade and economic relations between Egypt and China as "strong," referring to efforts to attract more Chinese investments in the region as part of the Belt and Road Initiative (BRI).

The UN determines the Belt and Road Initiative as a global development strategy adopted by the Chinese government, which includes infrastructure development and investments in 152 countries and international organizations in Europe, Asia, the Middle East, Latin America, and Africa.

The meeting discussed requests for new projects from developers and investors for approval under the Authority's regulations.

The Zone announced that during the coming period, the largest Chinese factory to manufacture electrical appliances would begin operations and exportation to global markets.

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Türkiye Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
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Türkiye Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)

Türkiye’s government denounced opposition calls for a mass commercial boycott following the arrest of Istanbul Mayor Ekrem Imamoglu that sparked nationwide protests, describing them on Wednesday as an economic "sabotage attempt".

After the mayor was detained two weeks ago, the main opposition Republican People's Party (CHP) had called for a boycott of goods and services from companies with perceived ties to President Recep Tayyip Erdogan's government.

That call widened on Wednesday to include a halt to all shopping for one day, prompting some shops to close in solidarity with those criticizing the arrest as a politicized and anti-democratic attempt to hurt the opposition's electoral prospects.

Imamoglu is Erdogan's main political rival and the CHP's presidential candidate for any future election.

Trade Minister Omer Bolat said boycott calls posed a threat to economic stability and accused those advocating them of seeking to undermine the government.

They "are an attempt to sabotage the economy and include unfair trade and competition elements. We see this as a futile attempt by circles who consider themselves the masters of this country", Bolat said.

Vice President Cevdet Yilmaz said the calls threatened social harmony and economic stability, and were "doomed to fail".

Several cabinet ministers and pro-government celebrities, including former Germany and Real Madrid soccer midfielder Mesut Ozil, used the hashtag #BoykotDegilMilliZarar ("Not a Boycott, but National Damage") to emphasize their stance.

The calls have been led by CHP chairman Ozgur Ozel, who has encouraged the street protests that have swollen to the largest in Türkiye in more than a decade. Erdogan has called the protests "evil" and said they would not last.

Türkiye’s economy has been hit by a years-long cost of living crisis and series of currency crashes, with growth having slowed and inflation still lofty at 39% in February.

On Tuesday prosecutors launched an investigation into those advocating the boycott calls on social and traditional media.

The Istanbul chief prosecutor's office said it was probing calls that allegedly sought to prevent a segment of the public from engaging in economic activity, citing possible violations of laws against hate speech and inciting public hostility.