Egypt's Minister of Public Business Sector Mohamed El-Shimy met with a high-level Chinese delegation of 37 investors and representatives from around 25 major textile companies, as per a Cabinet statement. The meeting came as part of efforts to enhance economic and investment cooperation between Egypt and China, focusing on partnership opportunities in the textile industry, which is considered one of the most vital industrial sectors. The Cotton and Textile Industries Holding Company is reviewing its strategy in line with the national textile industry development project. It has 10 subsidiary companies undergoing a comprehensive development and restructuring plan, making them attractive investment opportunities for local and international partners. El-Shimy highlighted the strong historical ties between Egypt and China and the growing bilateral relations under their strategic partnership. He emphasised the mutual commitment to expanding relations for the benefit of both nations. The national project aims to restore Egypt's global leadership by offering world-class products, adopting the latest technologies, increasing production capacity, expanding market share, boosting profitability, and building customer trust. He highlighted Egypt's appealing investment factors, such as its strategic location, advanced industrial infrastructure, free trade agreements, abundant raw materials like Egyptian cotton, and modern technologies in new factories. A wide range of products from the affiliated companies was showcased, including yarns, woven and knitted fabrics, ready-made garments, home textiles, and high-quality medical textiles, as per the statement. The minister pointed to the efforts being made to improve work systems, enhance governance, and uphold the highest standards of quality, safety, and occupational health, the statement added. He also noted the continuous development at various stages of production within the affiliated companies, preparing them for successful and sustainable partnerships with the private sector and both local and foreign investors. This, he said, would contribute to maximising economic returns. A significant portion of production is planned for export, in order to support the national economy and increase foreign currency revenues. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
