Development of Egypt’s spinning and weaving industries holds great potential for future revenues. Currently, Egypt’s is a world leader in this field, also one of the country’s oldest industries, reported Al-Akhbar daily.
Modernization of this sector, according to industry sources, will result in an estimated two billion dollars export increase. This process would include the introduction of state-of-the-art technology, restructuring labor and management resources, aiming to increase product quality.
Reconstruction measures in the spinning and weaving industry are expected not only to increase export volume, but also raise local demand for Egyptian-made products.
A source of funds may be found under the recently signed EU-Egypt association agreement, which allots European donations in the sum of five billion dollars for exportation-oriented industrial development projects. — (MENA Report)
© 2001 Mena Report (www.menareport.com)
