HTEC demands inclusion of exporters in CBE initiative of facilitating funds

The Egyptian home textile sector is facing tough competition with products from East Asian nations and needs the Central Bank of Egypt’s (CBE) initiative of facilitating funds. Egypt’s Home Textiles Export Council (HTEC) has demanded a mechanism to enable exporters of home textiles to benefit from the CBE initiative for the industrial sector. The organization to meet CBE governor Tarek Amer in this regard.

In January 2016, President Abdel Fatah al-Sisi announced injection of LE 200 billion to support small and medium enterprises (SMEs).

HTEC head Said Ahmed said 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.

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.

HTEC said that 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. The country will also participate in DOMOTEX, the annual international exhibition focused on carpets, in Hanover.

According to HTEC data, in the first nine months of 2017 exports of home textile increased by 3 percent reaching $375 million compared with $365 million in the same period last year, The council aims to increase its exports to $600 million by the end of 2017.