Local businesses invest in aquaculture companies abroad
Guangdong Evergreen Group Co, one of the market leaders in Zhanjiang’s aquatic industry, expects construction of its joint aquaculture complex in Egypt to be concluded by the end of this year.
The project, in collaboration with Egypt’s Armed Forces National Services Projects Organization, incorporates fish and shrimp farming, breeding, feed manufacturing, aquatic processing, ice production, polyfoam box production and labs.
Guangdong Evergreen has been involved in the planning and provided equipment, technology and training for the complex, located in the Ghalyoun Lake area.
About 2 million metric tons of aquatic products are consumed in Egypt each year, with 1.5 million tons satisfied by local suppliers, said Chen Shanghong, vice-president of Guangdong Evergreen.
About 90 percent of the domestically supplied aquatic products come from sea fishing, with aquatic farming focused on fresh water fish.
Seaside aquatic farming has not been developed in Egypt, despite its 2,900-kilometer coastline and suitable climate for the industry, he said, adding that the new project marks an important step for improving the well-being of local people, including the creation of thousands of local jobs.
The contract for the project was signed in July 2015, and between June and August last year, approximately 80 Egyptians were selected and trained for managerial positions by Guangdong Evergreen in Zhanjiang.
Between June 2016 and April this year, about $65.55 million worth of equipment was exported to Egypt for the project, and customs officers have worked closely with Guangdong Evergreen to ensure timely delivery of the equipment, according to Zhanjiang Customs.
Dubbed China’s “capital of shrimps,” Zhanjiang supplies about 15 percent of the world’s shrimp and 67 percent of the domestic market. It also takes a significant position in tilapia production and offers a wide range of other aquatic products.
A number of Zhanjiang companies have invested in countries along the Belt and Road, including Cambodia, Indonesia and Egypt, in industries such as aquatic, poultry and cattle feed, sugar cane farming, sugar production and education.
Zhanjiang’s companies invested in six new projects and increased investment in six projects in countries along the Belt and Road last year, involving contractual investment of $472 million on the Chinese side.
Zhanjiang’s bureau of commerce will continue to encourage local companies, including those engaged in electronic home appliance manufacturing, agricultural and aquatic product processing, sugar production, paper-making, feed production, furniture making, and shipbuilding and maintenance, to invest abroad.