(MENAFN- Daily News Egypt) Seong An Textile plans to increase its investments in Egypt to $60m in 2020, compared to $40m currently, Beak Jeong Hyun, CEO of the company, told Daily News Egypt.
The company started its business in Egypt early 2016, and achieved a 50% sales increase over the years.
Beak called on the Egyptian government to boost its efforts to improve the country's business climate to be friendlier, especially in terms of tax refund, adding that his company aims at increasing its investments in Egypt.
The company's sales in 2018 reached $25m for export, adding that the company plans to increase this figure to $30m in 2019 and $40m in 2020.
'Our main markets are Turkey and Spain, and several other European countries. The year 2020 will witness entering new markets such as the United States and a number of South American markets,' he said.
The company is focusing on yarn twisting, weaving, knitting, dyeing, and finishing in Egypt, while its monthly capacity is 4m metres. The company's factory in Egypt employs 950 Egyptians.
Seong An is a global manufacturer and exporter of fabric related products. Its specialties include a variety of polyester fabrics, mixed yarn fabrics, knits, and mechanical stretch fabrics.
The global company has more than 60 years of experience and gained significant know-how. Skilful technicians are now working at Seong An Textile to share their know-hows and to standardise each manufacturing section, according to the company's website. Seong An Textile looks forward to minimise defects and increase the learning curve and product quality.
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