TAIPEI (Taiwan News) — Taiwan External Trade Development Council (TAITRA) Chair James Huang (黃志芳) led a joint Taiwanese and Japanese trade delegation to Egypt and other African countries from Aug. 30-Sept. 9 to explore economic opportunities.

According to a TAITRA press release on Thursday (Sept. 5), the delegation consisted of Taiwanese firms including Formosa Plastics and Chanda Chemical and Japan’s Toyota, per CNA. The Ministry of Economic Affairs and TAITRA co-sponsored the trip.

The group visited the Suez Canal Economic Zone (SCZONE) where SCZONE General Authority Chair Waleid Gamal Eldien introduced the zone’s investment advantages. They also visited Egypt’s Hyma Plastic factory in Orascom Industrial Parks and an oil refinery in Lagos, Nigeria, per UDN.

Huang said Africa, with its abundant labor force and low labor costs, is poised to replace China and Southeast Asia as a new manufacturing base. It is a promising trade frontier for Taiwanese businesses, he added.

TAITRA said Egypt, strategically located as a hub between Africa, the Middle East, and Eurasia, is North Africa’s largest economy, with a population of about 111 million. The International Monetary Fund (IMF) forecasts a high economic growth rate of 3% for 2024, potentially reaching 4.4% by 2025, the organization reported.

Looking ahead, TAITRA said it will organize a trade mission to the Nile Basin area on Sept. 21 with more trips in 2025.