Egypt Independent recently reported on the strong interest shown by a Chinese alliance in establishing an integrated textile city in Egypt with a $300 million investment. This development follows a meeting between the Chairman of the General Authority for Investment and Free Zones (FATF) in Egypt and the Chairman of the China Textile and Apparel Council. During the meeting, it was highlighted that Egypt is considered one of the most promising markets in the Middle East and Africa for the textile industry.
The delegation from China, consisting of representatives of major textile enterprises, expressed enthusiasm for investing in Egypt, particularly in the spinning and weaving sector, which plays a crucial role in creating employment opportunities and adding economic value. The Egyptian government aims to attract more Chinese companies for investment in various sectors, including textiles.
Efforts to improve the investment climate in Egypt were discussed during the meeting, with a focus on facilitating operational procedures for companies through initiatives like the golden license, as well as providing incentives for projects contributing to economic growth and innovation. The Egyptian government invited the Chinese delegation to explore investment opportunities in Egypt, emphasizing the country’s strategic location and the benefits of free trade agreements it has with various regions.
Egypt has made significant progress in enhancing its logistics infrastructure, including new roads, railways, and port capacities to boost exports. The General Authority for Investment is collaborating with other government bodies to support investors, with a specific focus on attracting Chinese investments to Egypt.
China and Egypt have a robust political relationship, with ongoing efforts to strengthen economic ties. This year marks the 10th anniversary of the Comprehensive Strategic Partnership Agreement between the two countries, demonstrating a commitment to deepening cooperation across various sectors.
For more information on this topic, you can visit the Egypt Independent website.