Egypt bags $70 million investment from Chinese textile firms

Following discussions with Chinese business leaders in Shanghai, Egypt’s minister of investment and foreign trade, Hassan El-Khatib, announced that two companies have committed to establishing new factories within Egypt’s free zones. Zhejiang Holding informed the minister of its plans to invest $20 million in garment and textile ventures in Egypt, with a goal of increasing its total investment to $50 million over the next five years, according to Egyptian media reports.

Jiangsu Haite Fashion Company, a Chinese firm, has unveiled plans to invest around $20 million to establish a new garment manufacturing facility in Egypt. The factory will be strategically positioned to serve European and US markets, taking advantage of Egypt’s network of free trade agreements.

This development follows a visit by a major Chinese textile industry delegation to Egypt, organised by the ministry of investment and foreign trade. The visit was part of Cairo’s broader initiative to attract foreign investment into the country’s textile and apparel sector.

ALCHEMPro News Desk (RR)