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Kabil, 50 Chinese textile business leaders discuss investment opportunities in Egypt There are great opportunities for investment partnerships between Egyptian, Chinese private sectors, minister says
Minister of Trade and Industry Tarek Kabil met with a delegation from the China National Textile and Apparel Council (CNTAC) consisting of 50 Chinese representatives to review the prospects of the Egyptian textile industries and the most prominent incentives offered and policies implemented by the Egyptian government to develop the sector and attract foreign investments. Kabil noted that the textile industry represents one of the most key strategic industrial sectors in Egypt, pointing out the importance of directing more Chinese investments to this sector to utilise the competitive advantages of the Egyptian market, including the availability of long-staple cotton and the government's tendency to expand the cultivation of short-staple cotton in Upper Egypt, along with the preferential and free trade agreements linking Egypt with a large number of countries and economic blocs in the world. He also highlighted the availability of energy sources and huge incentive packages provided by the new Investment Law, in addition to land plots. Furthermore, Kabil pointed out that the government is keen on attracting more Chinese investments to the Egyptian market in the industrial field, especially in the field of textiles, within the framework of the Sustainable Development Strategy: Egypt Vision 2030 and the Ministry of Trade and Industry's 2020 strategy, which targets developing the industrial sector and increasing its contribution to GDP to 21% by 2020. "There is a huge opportunity for cooperation between Egyptian companies working in the field of garments and textiles and their Chinese counterparts," he said. He also noted that the Chinese delegation includes all production fields in the sector of clothing and textiles, which is in line with the Egyptian vision that targets establishing investment projects that include integrated production operations in the sector. Sun Ruizhe, chairperson of the Chinese National Council of Garments and Textiles and vice president of the International Textile Manufacturers Federation, said that the delegation's visit to Cairo aims to study the investment climate in the clothing and textiles sector and learn about the most important incentives and investment opportunities available. He added that the visit reflects Chinese President Xi Jinping's interest in boosting economic ties between China and Egypt in the current period, noting the importance of the One Belt One Road Initiative in the development of the textiles sectors in both countries.
