Egypt’s Home Textiles Export Council (HTEC) has demanded a mechanism to enable exporters of home textiles to benefit from the Central Bank of Egypt’s (CBE) initiative of facilitating funds for the industrial sector. President Abdel Fatah al-Sisi had earlier announced injection of LE 200 billion to support small and medium enterprises (SMEs).
HTEC head Said Ahmed said in a statement that surpluses in the allocations for SMEs by the CBE could be used for establishing new production lines and raising production capacity in addition to creating jobs, according to Egyptian media reports. The organisation wants a meeting with CBE governor Tarek Amer in this regard.
Export councils were assigned by the trade ministry to prepare sectoral plans including ways to increase Egypt’s exports globally. The ministry of industry and trade wants to double exports during the coming period.
Due to competition from East Asian nations, the home textile sector needs the CBE’s initiative, Said said. Exports of home textiles increased by 3 per cent in the first nine months of 2017 to reach $375 million compared with $365 million in the same period last year, according to HTEC data. The council aims to increase its exports to $600 million by the end of 2017.
Forty Egyptian companies will participate in the ‘Heimtextil-International Trade Fair for Home and Contract Textiles’ to be held in Frankfurt between January 10 and 13 next year, HTEC said. The country will also participate in DOMOTEX, the annual international exhibition focussed on carpets, in Hanover, it added.