Egypt to modernize textile industries
Egyptian Prime Minister Atef Obeid has recently reviewed a comprehensive plan to modernize and develop the local textile, thread spinning and clothing industries, reported Egypt’s Al-Gomhuria daily.
The plan focuses on upgrading these industries to international market standards. The Minister of the Public Business Sector, Mukhtar Khattab, said that the plan, valued at 2.3 billion Egyptian pound ($591 million), includes debt payment, technical and administrative repair and improvement in labor conditions.
As part of the modernization effort, head of the Oriental Weavers Group, Mohamed Faris Khamis, is currently working with 50 local textile manufacturers to construct a new polyester plant in Suez that will supply the local market with textile materials.
Plans for an additional textile mill in Alexandria are also underway. This plant is expected to cost an estimated $550 million and will export most of its goods to Europe. ― (MENA Report)
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