CAIRO, July 14 (Xinhua) -- Egypt's accession to the BRICS last year has unlocked broader development opportunities for the country, experts say.
Since joining the BRICS cooperation mechanism, Egypt has seen rapid growth in trade with BRICS members. It has made full use of the BRICS platform to showcase its international image, promote exchanges and cooperation, and accelerate its industrial capacity cooperation.
Economic researcher Ihab El-Gamal underscored the immediate advantages of Egypt's BRICS membership, highlighting the potential for increased trade volumes and diversification of export destinations in the short term.
Abu Bakr a1-Deeb, an advisor to the Cairo-based Arab Center for Research and Studies, said that BRICS membership helps Egypt address two urgent needs, namely securing foreign direct investment and reducing debt costs.
According to al-Deeb, joining BRICS also creates opportunities for Egypt to adopt advanced technologies, widen partnerships with member countries, and enhance productivity in key sectors such as digital development, modern agriculture, green development, infrastructure and renewable energy.
Karim al-Omda, Egyptian economic expert and lecturer at the Arab Academy for Science, Technology and Maritime Transport, pointed out that BRICS enables Egypt to reduce reliance on the U.S. dollars by using not only the Chinese yuan or Russian ruble, but also currencies like the UAE dirham and Saudi riyal.
Al-Omda added that BRICS membership provides Egypt with alternative financing channels for projects and investments, reducing reliance on Western loans known for stringent conditions.
Industrial capacity cooperation between China and Egypt has accelerated since Egypt became a BRICS member, evidenced by increasing numbers of Chinese companies investing in factories across Egypt under the BRICS framework.
So far, 185 enterprises have settled in the TEDA park, bringing total investment to around 3 billion U.S. dollars and generating over 5.3 billion U.S. dollars in sales, with key industries including building materials, petrochemicals, textiles, new energy, etc., according to Cao Hui, executive director of Egypt-TEDA SEZone Development Company. (Contributed by Zhang Jian, edited by Yang Yajun, Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)
A single purchase
