Egypt's First Chinese Bonded Warehouse Officially Approved by Egyptian Customs

Egypt's First Chinese Bonded Warehouse Officially Approved by Egyptian Customs
Foreword: During the 2019 Belt and Road Summit Forum, the Ministry of Commerce of the People's Republic of China identified the China-Egypt TEDA Suez Economic and Trade Cooperation Zone (hereinafter referred to as the "TEDA Cooperation Zone") as the first batch of upgrading pilot projects in my country's overseas economic and trade cooperation zones. As an important part of the "park upgrade", the development of commercial business provides strong support for the smooth development of the "park upgrade" in the TEDA Cooperation Zone. On May 15, 2019, the General Administration of the Suez Economic Zone of Egypt approved to allow import and export trade in the expansion zone of the TEDA Cooperation Zone. This is the first and currently the only trade license qualification for a foreign-funded enterprise in Egypt. The Egyptian TEDA Special Zone Development Company has since become the only foreign enterprise that can carry out general trade and re-export trade in Egypt.

Official Reply of the Egyptian Customs Authority
With the promulgation of the customs supervision system and operation guidelines of the Egyptian Special Zone, after the joint review of the Egyptian civil defense, environmental protection, and safety supervision departments, it is determined that the TEDA-Royal bonded warehouses in the TEDA cooperation zone expansion area are qualified and can organize the implementation of customs closure. On December 10, local time in Egypt, the Egyptian TEDA Special Zone Development Company received the official approval of the Egyptian General Administration of Customs, allowing TEDA-Royal bonded warehouses to engage in empty and heavy container storage, bonded goods storage, and designated Suez Customs for operational jurisdiction and customs control. It marks the official operation of the first Chinese-funded bonded warehouse project in Egypt in the expansion area of the TEDA Cooperation Zone.

The only Chinese-funded overseas bonded warehouse project in Egypt

TEDA-Royal bonded warehouse is the only Chinese-funded project in Egypt specially approved by the Egyptian government that can carry out international logistics bonded and general trade and re-export trade. The project covers an area of 130000 square meters and mainly includes public bonded warehouses, export distribution export supervision warehouses, import and export commodity display and trading halls, and import and export commodity logistics distribution centers. For the TEDA cooperation zone and the surrounding area of manufacturing enterprises and external customers to provide "warehousing logistics, processing management, integrated services" three functional system in one of the full range of bonded logistics services.

"The TEDA Cooperation Zone plays a leading role in the construction and development of the Suez Canal Economic Zone, and supports a series of major surrounding projects, making important contributions to the overall development of the Suez Canal Corridor Economic Belt." Egypt's Suez Canal Economic Zone Chairman Zaki said.

The ace of the epidemic prevention and control period.

In 2020, the new coronary pneumonia epidemic swept the world, all walks of life have been forced to press the "pause button", and many enterprises in the TEDA cooperation zone have also been greatly affected. In order to support the normal operation of the project and help enterprises resume work and production, TEDA Cooperation Zone actively cooperates with local departments to help enterprises solve supply difficulties while doing a good job in epidemic prevention and control. During the trial operation of TEDA-Royal bonded warehouse, it not only effectively reduced the enterprise inventory backlog and cash flow pressure and other problems, but also further improved the speed of enterprise stocking and reduced transportation costs, which was welcomed by enterprise customers.

At present, TEDA-Royal bonded warehouse has successfully signed cargo business cooperation and container storage business agreements with 10 enterprise customers inside and outside the cooperation zone, attracting Logistics Services including CMA,CGM,COSCO,Gulf Agency Company,Yang Ming and Royal. More than 20 world-renowned transportation and logistics companies such as PIL and PanMarine have settled in TEDA cooperation zone to provide customers with door-to-door professional logistics solutions from China to Egypt.

Customs Supervision System Innovation Pilot Zone

The establishment of the TEDA-Royal bonded warehouse project not only marks that the bonded warehousing business model of the TEDA Cooperation Zone has been recognized by the Egyptian government, but also opens a journey of innovation and exploration of the customs supervision system in the TEDA Cooperation Zone. In order to further enhance the fast and effective one-stop customs logistics service, the TEDA Cooperation Zone has completed the networking of bonded warehouses and customs systems, and successfully promoted the establishment of the MTS customs logistics system under the Egyptian Ministry of Finance and the Egyptian General Administration of Customs. By establishing, managing and operating an advanced logistics center network, the system realizes logistics services, improves the commercial support services of the TEDA Cooperation Zone, effectively promotes the investment promotion of the cooperation zone, and further promotes the development of local regional logistics services.

In 2020, the TEDA Cooperation Zone won Egypt's first "Best International Business Award". In an interview with Pyramid, Chinese Foreign Minister Wang Yi said: The development and business model of TEDA's cooperation location are highly compatible with the development strategy of the entire Suez Corridor. Provide a large number of local jobs, improve the level of Egyptian industrial manufacturing, and produce goods that are exported to Europe and Africa. While generating foreign exchange income, it also gives full play to the geographical advantages of Exodus connecting Asia, Africa and Europe. At present, the TEDA Cooperation Zone is carrying out bonded trade and logistics business around building materials and second-hand cars, forming a synergy between producers and merchants, opening up the supply chain, and "promoting trade with production and integrating production and trade". The future development of the TEDA Cooperation Zone can be expected.

    
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