During a meeting between Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), and a delegation from the Chinese Council for Textiles and Ready-made Garments, an alliance from China expressed its interest in establishing an integrated textile city in Egypt.
The proposed textile city would cover all stages of the industry and require an estimated investment of $300 million. Egypt’s favorable capabilities position it as a potential global textile industry hub.
The Chinese delegation comprised leaders and representatives from 20 prominent companies and alliances specializing in various textile fields such as spinning, dyeing, and printing.
These companies expressed their desire to invest in Egypt, recognizing it as a crucial market in the Middle East and Africa.
Heiba emphasized Egypt’s commitment to attracting more Chinese companies, particularly in the textile sector, acknowledging the sector’s importance for economic growth and development.
He presented the delegation with investment opportunities in Egypt, showcasing potential sites such as Damietta, Sadat, and New Alamein where the government plans to establish new free and industrial zones to encourage direct foreign investments.
In September 2023, trade between Egypt and China witnessed a 2.2 percent increase in 2022, reaching $16.2 billion. According to the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s exports to China experienced substantial growth of 25.1 percent in 2022, amounting to $1.8 billion compared to $1.5 billion in 2021.
Meanwhile, Egypt’s imports from China slightly declined by 0.2 percent to $14.40 billion in 2022 from $14.42 billion in 2021.
