The General Investment Authority is discussing with a Chinese company the establishment of an industrial complex for spinning and weaving
Hossam Heiba, CEO of the General Authority for Investment and Free Zones, received a delegation from one of the largest Chinese companies specialized in the textile industry, along with representatives of companies operating in the free zone in Shebin El-Kom.
The meeting discussed the company’s plan to expand in the Egyptian market by establishing a new spinning and weaving factory, as the company expressed its desire to establish an industrial project on an area of 200,000 square meters, under the free zone or special economic zone system, with investments. It is estimated at about 100 million dollars, and provides approximately 1,500 direct job opportunities.
The project aims to become a center for manufacturing fabrics and exporting them to European and African markets.
Hossam Heiba stressed the complete readiness of the industrial infrastructure in Egypt to receive new investments, noting that the state has pumped investments exceeding 4 billion dollars to modernize factories owned by the public business sector, including importing the latest European equipment, with Providing flexible partnership models for foreign investors that include ownership, leasing, and usufruct.
Hossam Heiba explained the fundamental differences between the different investment systems, which are public and private free zones, and economic zones of a special nature, such as the Suez Canal.
He stressed that this diversity aims to provide flexible options that enable investors to choose the optimal system that is compatible with the nature of the project to achieve the maximum possible benefit from government incentives and facilitations.
He added. Heiba stressed that Egypt’s strategic location, free trade agreements, and competitive labor market make it an ideal destination for export-oriented textile industries.
Heiba stressed the possibility of exploiting the existing industrial capabilities within the textile companies in Mahalla El-Kubra, due to their advanced production capabilities and strong industrial structure, stressing that these capabilities represent an opportunity to enhance industrial integration with new investments in the sector, and to make the most of the expertise and equipment available to support the expansion of the textile industry. And textiles.
The Chairman of the Authority confirmed that the industrial sector, led by the spinning and weaving sector, is considered one of the priority sectors during the current stage, due to its pivotal role in promoting exports, deepening the industry, and increasing job opportunities, which reflects the state’s direction towards attracting major investments in this field and supporting the expansion of national production capacity.
The representatives of the companies expressed their appreciation for the stimulating investment environment in Egypt, and the support and facilities it provides to investors, stressing their aspiration to begin the executive procedures.
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