Exclusive: China trying to undercut Germany on submarine offer to Egypt
Tue Sep 15, 2015 5:14pm EDT
By Siva Govindasamy and Ahmed Mohamed Hassan
SINGAPORE/CAIRO (Reuters) - China is trying to sell two submarines to Egypt that are cheaper than vessels on offer from Germany, industry sources told Reuters, as Beijing looks to expand weapons exports beyond its traditional customer base in Asia.
Beijing has sought to undercut Western submarine makers on price and by offering attractive export-credit terms for sales in Asia, the sources said. It has won deals with Pakistan and Bangladesh so far.
China displaced Germany as the world's third-largest arms exporter, the Stockholm International Peace Research Institute (SIPRI) said in March, though nearly 70 percent of those weapons went to Pakistan, Bangladesh and Myanmar.
An Egyptian military source said China had offered to sell submarines to Cairo.
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