“Egypt’s Minister of Industry and Foreign Trade Tarek Kabil announced Monday the start of the construction of the largest textile and clothing industrial park in Egypt on a land space of 3.1 million square meters in Al-Sadat city..”The textile park will contain 568 factories with $2 billion as a paid capital to be invested during seven years with 87 percent of foreign investment and 13 percent of national investment” Kabil added in a speech delivered in the presence of President AbdelFatah al-Sisi during his visit to Al-Sadat city..Kabil further clarified that the textile and clothing city will offer 160,000 job opportunities, with an annual production value of $9 billion USD..”This project will be implemented by the Chinese company ‘Sino-Egypt Minkai for investment” that has been working in the textile manufacturing field for more than 10 decades; the company owns 25 affiliated Chinese companies,” the minister explained..”The project will contain five phases, where the first phase is set to be finished in 2020 with 57 factories and investments worth $230 million, while the last phase is scheduled to be completed in 2024,”Kabil stated.”.
Date:1/16/2018
Source:Pakistan Observer