Sunday 22 Dec
Dr. Mohamed Ateya El-Fayoumy, Chairman of the Qalyubia Chamber of Commerce, Chairman of the Housing Committee in the House of Representatives, and Treasurer of the General Federation of Chambers of Commerce, announced that Turkish companies are exploring expansion opportunities within the Egyptian ready-made garments and textiles sector. Their primary objective is to leverage the Qualified Industrial Zones (QIZ) agreement to export to the US market.
The Ministry of Industry, in collaboration with the Ministry of Investment and International Trade, is currently evaluating the feasibility of designating a dedicated free zone for textile industries within Sadat City, specifically catering to Turkish investors.
El-Fayoumy stated in press
releases today that the Export Council for Spinning, Weaving, Ready-made
Garments, and Home Furnishings has set an ambitious target of at least 15%
growth in sector exports for the upcoming plan.
He confirmed that the spinning
and weaving sector has witnessed a significant increase in export rates in
recent years, with the sector's exports reaching $1.2 billion in 2023,
achieving a growth rate of 5%.
The council also aims to increase
the exports of the spinning and textiles sector next year to reach $1.4 billion
by the end of 2025.
The Chairman of the Qalyubia
Chamber of Commerce emphasized the government's unwavering commitment to
advancing the spinning and weaving industry. This aligns with the state's
comprehensive development approach, which aims to maximize the utilization of
Egypt's inherent potential in this sector. This strategic move contributes to
bolstering the national economy, creating employment opportunities for Egyptians,
and opening new markets.
He underscored the crucial role of effective management and its alignment with market demands in driving significant advancements within the spinning and weaving industries which will ultimately foster competitive advantages.
