(MENAFN- Daily News Egypt) UL-HWA Egypt for textile plans to increase its total sales by about 10.5% to reach EGP 400m in 2020, compared to about EGP 326.4m in 2019, the company's general director, Hyo Chil Nam, told Daily News Egypt.
The company's exports will reach EGP 250m in 2020, while the local sales will record EGP 150m, he added. The company exports to Turkey, Saudi Arabia, the UAE, Kuwait, Libya, and Syria, and there are plans to expand in American and German markets.
'Egypt is a very attractive market for investment. We started our business in Egypt in 2015. We were lucky to get the opportunity to work in Egypt and establish our factory here,' Hyo Chil said.
With the brand PEACETEX, UL-HWA Egypt for now has the capacity of 2m metre-tonne-second per month (MTS/month). 'We started exporting in June 2017, and our current plan is to increase the capacity by 1m MTS/month in the future,' he revealed.
UL-HWA Egypt initially invested about $15m in the local market, and the company plans to expand its investment and production, Hyo Chil added.
The company employs 230 people, 99% of them are Egyptians and they hold most of the leading positions. The company's policy includes building capacities of its employees through the most skilled managers to become future professional leaders.
'Currently we do not a market in Egypt; we are exporting from Egypt to Turkey, Saudi Arabia, the UAE, Kuwait, Libya, and Syria, but we are looking forward to selling our products in Egypt in the future,' he said.
The company will keep pursuing future-progressive business innovation in terms of its accumulated high technology and abundant experience, he noted, adding that the company's strategy seeks to increase customer, employee, and community satisfaction.
The Egyptian government facilitated some water, electricity and drainage issues the company was facing, he said, noting, "our project has limited resources, so usually we do not encounter any major problems, but we are very happy for the cooperation and support from the government.'
UL-HWA is a global textile company that manufactures and exports mainly 100% polyester products to the global market. It was established in 1985. The company responded to the global changes in the market by building its network factories in Vietnam and Egypt.
UL-HWA Egypt's sales in 2018 and its targets for 2019 and 2020:
Year
|
Local sales
|
Exports
|
2018
|
82.02
|
120.1
|
2019
|
134.4
|
192
|
2020
|
150
|
250
|
Values are in millions of Egyptian pound
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