Egyptian Textile Industries Council and China National Textile and Apparel Council (CNTAC) have signed a framework agreement on executive measures aimed at establishing city of textile industries in Egyptian governorate Minya on Tuesday. The plant will be built in Matahirah over a surface of ''306 feddan'' (some 128 hectares).
Tarek Qabil, Minister of Industry and Foreign Trade, during his meeting with a delegation of Chinese businessmen headed by CNTAC's Vice-President, Gao Yong said that establishing a comprehensive zone for textiles is an important step for Egypt to get its leading position in Middle East and North Africa back since it owns potentials and wide expertise in weaving and textile field.
Minister Qabil added that building the new zone is set to participate directly in achieving strategy of trade ministry to develop textile industry in Egypt besides enhancing the process of economic and social development by attracting more local and foreign investments.
The Egyptian government is paying a great attention for this large project and committed to support it.
On other side, Yong stated that the visit of the Chinese mission to Egypt targets boosting mutual cooperation between two countries in textiles field and chinese investments in Egypt's textile market are expected to increase.
The Chinese mission and Qabil showcased means of enhancing bilateral cooperation between Egypt and China in textile field as well as future visions for such important industry in Egypt.
The project will promote development of the textile industry, which in Egypt contributes to 3% of GDP and employs around 1.2 million people (30% of the workforce of the Egyptian industry). The textile sector seizes 16 percent of Egyptâ€™s non petroleum exports with a revenue of US$ 2.6 million.
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