Now that lanterns, prayer beads, prayer rugs, and even guavas are made in China, it comes as no surprise to hear that China has become the top investor in Egypt. The number of Chinese companies operating in the country has reached 865, with 83% of them established in just the past five years. What is surprising, however, is the celebratory tone in which this information was announced, as if it were a source of national pride. The Egyptian government has conditioned the public to believe that being ‘number one’ is always a good thing—part of an endless cycle of hollow achievements. And to mark this supposed triumph, the minister of investment led a high-level delegation to meet the Chinese ambassador in Cairo to ‘discuss economic cooperation between the two countries’, as the newspapers reported last week.
Looking back, Egypt has long sought to ‘strengthen’ its ties with China, beginning shortly after the 1952 revolution, when it sent a trade envoy to promote Egyptian cotton. By 1953, trade between the two nations had reached $11 million, with Egyptian exports making up 94.5% of that total. Over the decades, this ‘strengthening’ of economic relations continued, resulting in no fewer than 21 economic cooperation agreements. But if we compare 1953 to 2005, after more than half a century of high-level meetings, agreements, and staged photo ops, we find that Egyptian exports accounted for just 9.8% of bilateral trade, creating a massive trade deficit in 2005. This raises the question: what exactly do both sides agree on in these negotiations?
Some might argue that Chinese investments bring much-needed capital into Egypt, supporting foreign direct investment, which is, in theory, beneficial. But this naïve separation of economics from politics only reveals the ignorance of those who cling to such views. China’s economic strategy is no less aggressive or exploitative than traditional colonial policies. In fact, it represents a modern form of economic imperialism, a reality widely acknowledged in reports and studies. The Chinese government actively funds and supports its investors, encouraging them to integrate into foreign markets, absorb local cultures, and seize opportunities for gradual economic takeover. The evidence? The Chinese-made Ramadan lantern and the absurd case of Egyptian marble being re-exported back to us as a Chinese product.
There is nothing inherently wrong with China being a major foreign investor in Egypt. The real issue is that these investments are directly widening the already glaring trade deficit, thanks to agreements that seem to benefit them far more than us. Sensible economic policies should demand fair terms that protect national interests. ‘Unlimited agreements lead to unlimited losses.’ Yet, here we are, indulging in yet another round of misguided pride over China’s top investor status.
This whole situation is eerily reminiscent of a scene from the Egyptian comedy Fool el-Seen el-Azeem, where the grandfather insists that Mohamed Henedy must go to China against his will. Each time Henedy protests, his grandfather responds with the same absurd phrase: ‘China is great!’—a level of blind enthusiasm that is no different from last week’s supposed ‘good news’.
This article is originally published by AlBorsa in Arabic and later AI-translated by South Push.