Prime Highlights:
- Chinese textile giant Fountain Set will invest $100 million in a new spinning and weaving facility in Egypt.
- The project is expected to create around 1,500 jobs and boost exports to Europe and Africa.
Key Facts:
- Egypt has invested over $4 billion in modernizing public-sector factories with advanced machinery.
- The country offers flexible investment options and benefits from a skilled workforce, strategic location, and trade agreements.
Background:
Chinese textile company Fountain Set Limited will invest $100 million in a new spinning and weaving facility in Egypt, giving a big boost to the country’s textile industry. The announcement came during a meeting between Fountain Set representatives, Elegance Apparel Garments Freezone officials, and Hossam Heiba, Chairperson of Egypt’s General Authority for Investment and Free Zones (GAFI).
The proposed industrial facility will cover 200,000 square metres and could operate under either the free zone or special economic zone framework. The project will create about 1,500 jobs and become an important center for exporting textiles to Europe and Africa.
Elegance Apparel Garments Freezone also plans to expand its production in Shebin El-Kom to strengthen its operations.
Hossam Heiba, head of GAFI, said Egypt is open and prepared for new investments. He noted that the government has spent over $4 billion to modernize public factories with advanced European machinery. He said investors have flexible options, such as owning, leasing, or using property under special agreements.
Egypt’s location, skilled workers, and trade agreements make it a good place for textile exports. Heiba added that the industrial area in Mahalla El-Kobra provides chances to combine new projects with existing expertise.
Representatives from Fountain Set and Elegance Apparel praised Egypt’s supportive investment climate and confirmed their commitment to move forward quickly and cooperate closely with Egyptian authorities.
