Egypt's Minister of Industry and Transport Kamel El-Wazir approved Monday a request by China's Shengzhou Handsome Textiles Co., Ltd. to lease the tailoring factory at Egypt Spinning and Weaving Company in Mahalla El-Kubra. The decision was discussed during the 28th meeting of the Ministerial Group for Industrial Development, chaired by Minister El-Wazir and attended by senior officials including ministers of planning, military production, electricity, environment, and investment. The minister emphasised the government's commitment to fostering partnerships between public sector enterprises and private companies, both local and foreign, to optimise the use of underutilised state assets and boost domestic production in the textile sector. The sector is a key focus due to Egypt's strong international reputation, labour intensity, and relatively low energy consumption. He also stressed that the lease terms and rental fees agreed with the Chinese firm must fairly reflect the asset's value, ensuring protection for both the state and investors. The move underscores Egypt's ongoing efforts to revive its textile industry and attract foreign investment through strategic partnerships. Attribution: Amwal Al Ghad English
