Cairo – Mubasher: About 25 Chinese companies plan to implement textile projects at a combined value of EGP 38.7 billion ($2.2 billion) in Sadat city, Egypt's trade minister Tarek Kabil said.
Kabil told Al-Hayat TV channel that 4,400 plants will obtain licences in the coming period, in addition to inaugurating 501 factories by next April.
As for the measures that the North African nation is taking as part of the International Monetary Fund (IMF)-sponsored economic reform programme, the minister said that they would take time to bear fruit.
In July 2017, the Egyptian Chamber of Textile Industries at the Federation of Egyptian Industries said that textile industry made up 3% of Egypt's gross domestic product (GDP) and accounted for the third of industrial labour force of the nation.
Textile exports stood at $2.6 billion last year, representing 15% of Egypt's non-oil exports, the Chamber of Textile Industries said.
While readymade garments exports jumped 12.8% to EGP 2.1 billion ($117.1 million) in January 2018, compared to EGP 1.83 billion ($103.8 million) in the same month a year earlier, according to the Readymade Garments Export Council’s data.
