Minister of Trade and Industry Amr Nassar met with Chinese companies working in the field of spinning, weaving, and ready-made garments, who are interested in investing in the Egyptian market, on the sidelines of his visit to the Chinese capital Beijing as part of the Egyptian delegation participating in the Belt and Road Forum.
During which, Nassar held a meeting with representatives of the Chinese Handa Enterprise to discuss the company’s plans to invest in the Egyptian market in the coming period.
He pointed out that the company is currently considering the establishment of a plant in the Middle East and has already selected Egypt as the location, noting that the investment plan of the company would be divided into three phases.
The first is the establishment of a factory for ready-made clothes with a labour force of 1,000-2,000 workers and includes modern clothing manufacturing machines.
During the second phase, a dyeing plant will be established within 3-4 years with a production capacity of 5,000 metric tonnes and employs 3,000 workers with a focus on research and development.
The third phase focuses on increasing production capacity to between 5,000 to 10,000 metric tonnes.
In addition to selling the production domestically, the company aims to export its products to European, American, Arab, and African markets to benefit from customs exemptions for Egyptian products with these countries, he added.
Nassar explained that there is an abundance of industrial lands available to receive investments in this promising sector, the most important of which are Sadat City, the northwest of the Gulf of Suez, and Port Said.