Public Enterprise Ministry discusses with Chinese Handa increasing investment in Egypt

The move comes within the framework of the Ministry's keenness to strengthen partnership with the private sector and open the way for foreign investment.

The Ministry of Public Enterprise Sector discussed with Handa Enterprise ways to enhance cooperation and partnership opportunities between the Holding Company for Spinning and Weaving and the Chinese company, in light of Handa's interest in increasing its investment in Egypt.
The move comes within the framework of the Ministry's keenness to strengthen partnership with the private sector and open the way for foreign investment.
Mahmoud Esmat, Minister of Public Enterprise Sector, stressed that the government attaches great importance to the development of the spinning, weaving and ready-made garments sector, as Egypt enjoys high competitive advantages in this sector, with the aim of improving the performance of companies, work and management systems, as well as maximizing the returns, and achieving optimal utilization of untapped assets and available production capacities.
Esmat indicated that the ministry is seeking to cooperate with the Chinese side in the fields related to textiles and ready-made garments, which are known to be labour-intensive, within the framework of the huge project being implemented to restructure and develop the cotton and spinning and weaving companies affiliated with the ministry, which would contribute to the growth of the national economy by increasing production, operation, export and industry deepening.
He pointed to the cooperation between the two sides about three years ago, when the Chinese company Handa rented a factory owned by the Holding Company for Spinning and Weaving, which was closed for many years in the city of Belbeis, Sharqeya, and was exploited in the production of ready-made garments for export purposes, and contributed to creating many job opportunities.