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.