“Holding Company, took place in Cairo on April 15th 2019 with the presence of the President of the Arab Republic of Egypt, Mr. Abdel Fattah Al-Sisi””The agreement was signed during ITMA by the Chairman of the Cotton & Textile Industries Holding Company, Dr. Ahmed Moustafa Mohamed, and the General Manager of Marzoli, Eng. Cristian Locatelli. Marzoli was able to fit into this ambitious project because of its ability to provide high-performance solutions and know-how and the confidence earned through important projects with leading Egyptian textile companies such as: DNM Textile for Spinning, Egypt Indigo Textile, Elzahra Elbaydaa, Gaid Cotton, Giza Spinning, Koudsitex (Al Baraka Group for Spinning & Weaving), Skytex Spinning, United Group for spinning, Weaving and Dyeing (Eroglu Group)””This collaboration is an important phase of Marzolis commitment plan to the Egyptian textile industry, whose next step is going to be the opening, by the end of 2019, of a branch in Cairo. The local presence will enable Marzoli to better serve in an effective and timely way its customers and underpin their performance. This choice is the result of a careful analysis of the political and commercial dynamics and the awareness that Egypt will play a major role in the high-quality T&C industry””In fact, the reforms and policy measures undertaken in the last few years have made T&C the second biggest industrial sector in Egypt. The Industry today represents 25% of the countrys overall exports; and Egypt is internationally recognized as a leading international textile hub.””Moreover, the strategic position of the country has allowed to develop and maintain strong relationships in three directions:”””African continent: Egypt is the krst African country to attract investments (last year, 42% of global investment in Africa went to Egypt, amounting to 7.4 billion dollars)”Europe: represents the main commercial partner for Egypt. Italy, in particular, is among the top kve suppliers of Egypt; and last year made investments amounting to 3,93 billion euros”USA: Egypt is closer to USA than its counterparts, which makes it a preferred sourcing location””The Egyptian company announced their agreement; with several manufacturers in complete modernization of textiles and printing at a press conference at ITMA. A total investment budget of approximately 1.1 billion euros (1.25 billion dollars) was created for the modernization of; spinning, weaving, knitting, dyeing, finishing, printing and cut-sewing manufacturing. The investment” “covers approximately 780,000 new spindles and 1,250 weaving machines. The company also plans to build a modern spinning mill with 180,000 spindles””This investment program, facilitated by Brussels-based Werner International; aims to modernize Egypts textile industry and increase the prestige of Egyptian cotton in the global market. This investment program for the modernization of the industry is supported by; Egyptian President Al-Sisi and Minister of Public Enterprises Dr. Hisham Twfik”.”
Date:11/18/2019
Source:egytex.com