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Investment agreement signed between Rieter and Cotton & Textiles Holding Company at ITMA 2019 expanded

YarnsandFibers News Bureau 2020-02-07 07:25:07 – Egypt

The Egypt General Authority for Investment and Free Zones, in cooperation with the Swiss Embassy in Cairo, organized the Egyptian-Swiss Investment Forum. The forum focused on developing economic and commercial relations between the two countries. Additional contracts for the modernization program of the Egyptian textile industry were also signed between Rieter and Cotton & Textiles Holding Company.

In the presence of H.E. Hisham Tawfik, Minister of the Public Sector of the Egyptian Government, and Swiss Federal Councilor Guy Parmelin, Head of the Federal Department of Economic Affairs, Education and Research, the contracts that increase Egypt’s textile investment volume and orders had been signed by Dr. Ahmed Moustafa, Chairman of the Cotton & Textiles Holding Company, and Dr. Norbert Klapper, Chief Executive Officer of Rieter. Seven project deals worth 180 million Swiss francs were signed, covering compact and spinning systems at the ITMA 2019 in Barcelona last year. This investment volume increased to about 210 million Swiss francs with the latest additional contracts. Rieter expects the full amount of orders to be booked as order intake in the first half year of 2020. So far, 165 million Swiss Francs have been booked.

Rieter CEO Dr. Klapper was very pleased at the signing ceremony. He said; “The next step of the program we agreed upon today underlines the strong partnership between the Cotton & Textiles Holding Company and Rieter. I would like to thank our Egyptian partners for the confidence they continue to place with Rieter. We will do our best to support the Cotton & Textiles Holding Company in making the modernization program a success”.

Egypt revives with investments

Egypt, which has entered into a jerky period with the period called the Arab Spring and has gained a stable appearance in recent years, has accelerated its investments to increase its power in production and export markets. The textile industry is one of the main business lines for the country, which is one of the important cotton producers of the world.

Having established a stable political and economic outlook in recent years; Egypt has accelerated its investments to increase its power in production and export markets. The textile industry is one of the main business lines for the country; which is one of the important cotton producers of the world.

Cotton & Textiles Holding Company, the largest textile company in Egypt, signed a comprehensive series of investment agreements at ITMA 2019. The investment of approximately 1 billion euros covering the; finishing, printing and sewing segments, especially weaving and spinning technologies, was the main topic of the agenda. In his speech at the forum; Swiss Federal Councilor Guy Parmelin, Head of the Federal Department of Economic Affairs, Education and Research; said in the forum that economic and commercial relations have been between the two countries for 110 years. According to Swiss statistics, the volume of trade with Egypt in 2019 reached nearly 1.3 billion dollars. Currently, there are more than 60 Swiss companies in Egypt with an investment of 1.8 billion dollars.

Source: textilegence

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