One of the Chinese alliances expressed its desire to establish an integrated textile city that includes all stages of the industry with investments estimated at $300 million. Egypt has all the capabilities to be a major base for the textile industry worldwide.
CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, meets with a delegation from the Chinese Council for Textiles and Ready-made Garments.
One of the Chinese alliances expressed its desire to establish an integrated textile city that includes all stages of the industry with investments estimated at $300 million. Egypt has all the capabilities to be a major base for the textile industry worldwide.
The delegation included heads and representatives of 20 major Chinese companies and alliances working in several fields in the textile industries, such as spinning, dyeing, and printing.
These companies expressed their aspiration to invest in Egypt as one of the most important markets in the Middle East and Africa.
Heiba conveyed Egypt's keenness to attract an increased number of Chinese companies, particularly in the textile sector, recognizing its economic and developmental significance.
CEO of GAFI presented investment opportunities in Egypt by visiting several sites with the delegation. the most important of which are Damietta, Sadat, and New Alamein, where the state intends to establish new free and industrial zones to attract more direct foreign investments.
Earlier in September 2023, trade exchange between Egypt and China saw a 2.2% increase in 2022, reaching $16.2 billion, as reported by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Egypt's exports to China surged by 25.1%, totaling $1.8 billion in 2022, compared to $1.5 billion in 2021. Conversely, Egypt's imports from China decreased slightly to $14.40 billion in 2022 from $14.42 billion in 2021, reflecting a 0.2% decline.
