Sunday 22 Dec

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World's largest shirt maker considers $385M Egypt factory


World's largest shirt maker considers $385M Egypt factory

CEO of The General Authority for Investment and Free Zones (GAFI) met with a delegation from Lutai Group, the world's leading producer of dyed fabrics and shirts, to discuss their plans for a new factory in Egypt. This ambitious project will encompass half a million square meters and require a $385 million investment.

The Lutai delegation included Liu Deming, Global Marketing Director; Du Lixin, Chief Technology Officer; Chang Wei, Assistant Chairman of the Board; and Li Jie, Director of Strategy and Marketing. The meeting was also attended by key Egyptian officials, including Mohamed Qasim, Chairman of the Egyptian Export Council (EXPOlink), and representatives from the General Authority for Investment and Free Zones (GAFI).

Liu Deming outlined Lutai's vision: to establish a complete textile supply chain within Egypt, from yarn production to finished garments. With a 100% export focus, this aligns perfectly with the Egyptian government's strategy of attracting export-oriented investments.

Lutai emphasized its commitment to transferring advanced technology to Egypt. As a recipient of four Chinese National Science and Technology Awards, the company boasts cutting-edge spinning systems that will significantly enhance the competitiveness of the Egyptian textile sector.

Liu Deming highlighted the Egyptian market's appeal, citing its economic stability, skilled workforce, and strong ties with China. These factors create a favorable environment for Chinese investment.

Hossam Heiba echoed Lutai's optimism, emphasizing the Egyptian market's inherent strengths. He cited the country's robust economic growth, skilled workforce, extensive trade agreements, and competitive investment costs as key advantages.

The CEO of GAFI outlined the attractive investment incentives available to Lutai. The company's focus on technology transfer, job creation, and export aligns perfectly with the government's priorities. Additionally, Lutai is eligible for the "golden licence," which streamlines the approval process and facilitates a swift start to operations.

Mohamed Qasim, Chairman of the Egyptian Export Council, emphasized the growing interest of foreign investors, particularly from China, in Egypt's textile sector. This surge in interest coincides with global supply chain shifts and the increasing attractiveness of the Egyptian market.