The Egyptian Textile Industries Council and the China National Textile and Apparel Council signed a framework agreement last week to establish a 1.2 million square meter zone for textile industries in the Egyptian governorate of Minya.
The move represents an important step towards reinstating Egypt as a leading actor in the textile industry in the Middle East and North Africa, pointing to its wide-ranging expertise in textile production, said Tarek Kabil, Egyptâ€™s Minister of Trade and Industry.
His remarks came during a meeting with a delegation of Chinese businessmen headed by CNTACâ€™s Vice President, Gao Yong. The meeting saw both sides expressing their willingness to enhance bilateral cooperation in the field of textile industry.
He further stated that establishing the new zone will directly contribute to his ministryâ€™s strategy to develop Egyptâ€™s textile industry as well as the social and economic development of the countryâ€™s less developed areas, as it will attract both local and foreign investments.
Egypt has great potential to attract increased investments from Asian economies when it comes to the textile sector, said Kabil.
Egyptâ€™s textile industry makes up approximately 3 percent of the countryâ€™s total GDP with roughly 1.2 million workers and engineers, representing no less than 30 percent of employment in the whole industrial sector, according to Kabil. He added that textiles account for 16 percent of Egyptâ€™s non-petroleum exports with a total value of USD 2.6 billion.
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