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Egypt wants to be a textile hub: invests 1,160 million to strengthen the sector

Egypt wants to be a textile hub: invests 1,160 million to strengthen the sector

The Government of the country has launched a plan to develop its textile industry with the objective of becoming the next textile factory of the planet.

Egypt wants to become the next textile hub. The Government of the country has provided a budget of 21,000 million Egyptian pounds (1,160 million euros) for a plan to boost textile production in the country, with the aim of becoming the largest factory of fabrics on the planet.

The plan of the Government is to open four new factories and pave the ground for the installation of more. It also plans to increase aid to renovate machinery and strengthen the training of workers, according to Just Style.

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This new initiative is framed within a policy drawn up in 2015 to quadruple textile exports and garments by 2025. That strategy, which was called Vision 2025, contemplated having one million employees in the industry and having attracted investment worth 17.5 billion dollars by then.

Last January, the Chinese company Ningxia Mankai began work to build an industrial city for textile and clothing production, which will cover more than three million square meters and will host nearly 600 factories. The whole project involves an investment of 9 billion dollars.

For the first phase, this project has had an investment of 2.1 billion Egyptian pounds (103.8 million euros). In May, it started operating with pilot projects and it is expected to be at full capacity at the end of 2019. Before starting, the Chinese Government had already signed the first sales contracts for the first fifty factories.

Also Read: Egypt to restructure all textile firms under CTIHC

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