MENA region’s textile manufacturers foresee strong market growth even as US textile mill output declines
Textile manufacturers in the Middle East and North Africa (MENA) region have expressed strong optimism regarding the continued growth of the regional textile industry, which has even bettered the US textile market. Recent data released by the U.S. Federal Reserve shows that U.S. textile mill output fell by 12.1 per cent in 2007, the largest drop in output since 1972. On the other hand, the textile industry in the MENA region is expected to grow by eight per cent annually to AED 2.4 trillion by 2010, with Egypt – one of the most important markets in the region - achieving an annual average growth rate of 6.5 per cent.
The robust growth of the textile industry in the region, especially in Egypt, will be a focal point during ITCE CAIRO 2008 (ITCE'11), the most important trade fair of its kind for textile, embroidery, sewing machinery and accessories serving the MENA markets, that will be held from February 28 – March 2, at the Cairo International Fair Ground in Egypt.
Egypt is the largest textile manufacturer in the MENA region, with exports of woven and knitted apparel to the U.S. alone exceeding USD 2 billion in 2007. Egypt's textile industry has been a major revenue source for the country, which has in recent years also enhanced its position as a trading centre for textile machinery after removing all customs tariffs on textile machinery and accessories.
“Egypt certainly has the potential to become a major player in the global textiles market, especially since it is known for the quality of cotton it produces, and due to its favourable geographic location. Moreover, Egypt has a long history in textiles and has a solid infrastructure in place to foster steady growth of the industry,” said Ahmed Ghozzi, Chairman and CEO, ACG-ITF, organisers of the event.
“The tremendous growth potential of the regional textile industry will be a major point of discussion at the 11th edition of ITCE, which will see record participation of over 700 exhibitors from 24 countries. The event will serve as an ideal platform for textile industry players to discuss wide ranging topics such as the impact of modernisation, new market opportunities and the impact of regulatory reforms on the industry,” he added.
ITCE'11, held under the auspices of Eng. Rashid M. Rashid, Egyptian Minister of Trade & Industry and the Federation of Egyptian Industries, will cover 12 halls representing a 25 per cent increase in exhibition space. More than 32,000 trade visitors from 18 countries are also expected at the event, which will present significant market insights, new innovations and best practices. ITCE'11 will also showcase the latest textile machinery technologies to all apparel, garment, clothing, manufacturers, weaving mills, and embroidery factory owners all over the region.
ITCE’11 will host leading textile machinery manufacturers from Italy, France, Spain, Japan, Germany, Turkey, Thailand, Taiwan, Korea, England, India, China, UAE, Syria, Romania, Greece, Brazil, Czech Republic, Hong Kong, Netherlands, Switzerland and Russia, in addition to Egypt, the host.
ACG-ITF, the leading trade events organizer in the MENA region, was established in 1986 to oversee Printpack 88, the first printing and packaging trade show in Egypt. The specialised industrial exhibition company handles 47 per cent of the international trade fairs market.
© 2008 Al Bawaba (www.albawaba.com)
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