Egypt to modernize 100 textiles and ready-made clothes factories
The Egyptian Industry Modernization Center has started the implementation of a major program to modernize some 100 factories working in textiles and ready-made clothes in an attempt to confront foreign competition in a pre-step to cancellation of quota exports system as of 2005.
The center director, Selim Al-Talatly, told Al-Akhbar newspaper the local textiles industry will face "cut-throat" competition following the cancellation of the quota system as massive inflow of imports will access Egypt, a move which requires the Egyptian industry to keep pace with the international developments.
According to him, the center will focus on 25 companies working in the manufacture of ready-made clothes.
Al-Talatly added that the center had contracted with a specialized German firm to study status of the would-be modernized factories to determine the foreign markets that could receive their products. (menareport.com)