“Investments in the zone have already hit US$120 million. This zone will be a major location for superb Egyptian cotton and textile and clothing exports,” said Minister Rashid Mohamed Rashid after a meeting in Cairo with representatives of Italian fashion houses”The textile industry is making a huge contribution to the growth of the Egyptian economy. There are 5,000 textile factories in Egypt, in which LE20 billion has been invested,” he explained, adding that the textile sector accounted for 25 per cent of total industrial exports”The Government wants to promote exports and that is why the Ministry of Home, Foreign Trade and Industry is working hard to develop Egyptian textile companies, so they cater for the demands of European importers and global markets”The IDA plans to set up new industrial zones in different parts of Egypt in the near future,” he added. “The Ministry is currently involved in a big project to train young people for jobs in factories in these Industrial Zones”Source: The Egyptian Gazette