Minister of Public Business Sector inspects Italian machines in new textile factory.
Private sector participation encouraged in developing Egyptian companies — File photo
Egyptian Minister of Public Business Sector, Dr. Mahmoud Mostafa Essmat, held a meeting with the ministry's leadership, heads of holding companies, and other officials to discuss the latest updates regarding the modernization, development, and inauguration of new textile factories.
During the meeting, the minister discussed the results of his visit to the Ghazl El-Mahalla Company as part of the national project to develop the spinning, weaving, and textile industries across the country, which has a cost of EGP 31 billion.
He specifically highlighted the progress in installing Italian machines in the final stages of completing "Ghazl 4" factory, which is set to open in the coming months, as well as the importance of accelerating the start of the machines' trial operation.
Additionally, he inspected and followed up on the developments in factories 1 and 6, the training center, and several other factories in the company.
The minister also discussed the status of all new development projects in various fields, in accordance with the state's policy document and the wide opening of opportunities for the private sector in the sector's companies.
Furthermore, he presented several future visions for developing companies in the sector, whether in tourism and hospitality, pharmaceuticals, chemicals, metallurgy, or domestic trade.
This meeting reflects the government's commitment to improving the country's textile industry and promoting the private sector's participation in various fields.
The national project for developing the spinning, weaving, and textile industries aims to increase the country's production capacity, create job opportunities, and boost the sector's exports.
Egypt's textile industry is one of the oldest and most important industries in the country, with a history that dates back to ancient times. In recent years, the government has focused on developing the sector to increase its competitiveness and promote economic growth.
The industry has shown promising growth rates, with exports of textiles and garments reaching $3.1 billion in 2020, according to the Export Council for Textiles, Spinning, and Weaving.
