Minister Of Public Enterprises Sector Meets Expolink President To Discuss Textile Industry Investment Opportunities

(MENAFN- Daily News Egypt) Mahmoud Essmat, the Minister of Public Enterprises Sector, met with Mohamed Qassem, the Chairperson of the Egyptian Exporters Association“ExpoLink,” along with Ahmed Shaker, the Executive Managing Director of the Cotton and Textile Industries Holding Company (CTIHC), and Mohamed Daeibes, the Assistant Minister for Follow-up.

The meeting aimed to support partnerships with the private sector, expand cooperation with local and foreign companies, and implement the strategy for the development, modernization, and reactivation of the textile industry as part of the comprehensive integrated plan for the national project.

The Minister of Public Enterprises praised the efforts of the Egyptian Exporters Association in opening new markets for Egyptian textile products, establishing diverse relationships with importers and agents in foreign markets, ensuring the quality of orders for each market, and exploring the opportunities for the new production of the“Ghazl 4” factory in Mahalla.

Essmat highlighted the partnership and investment opportunities within the Holding Company for Spinning and Weaving and its subsidiaries, noting the interest of several global companies in investing in the Egyptian market. He welcomed the cooperation with the Egyptian Exporters Association to achieve a return on investment in the national project, increase exports, and supply Egyptian manufacturers with the finest quality yarns.

He emphasized that the private sector is a key partner and a guarantee for achieving economic returns through expansion, operational continuity, maintenance programs, new markets, and technological advancements in the textile industry. He affirmed the keenness and efforts to partner with the local and foreign private sector and provide various investment opportunities for subsidiary companies in different sectors and forms of cooperation and work, especially given their advanced experiences, technologies, financing capabilities, and marketing capacities.

He also stressed that the textile industry is a promising industry, with Egypt having many relative and preferential advantages, such as Egyptian long-staple cotton, natural factors, and accumulated experiences among industry workers. He pointed out the ongoing national project for the development of the textile industry, which is being implemented with massive investments to uplift this industry, start operations, and prepare for the inauguration of new factories. He underscored the importance of private sector participation in various production stages covered by the project, providing high-quality local yarns to private sector factories instead of importing them.

He also mentioned the training programs implemented by the ministry to develop skills and enhance the capacities of workers, with a significant portion dedicated to the textile sector, including technical training on dealing with modern machinery and various financial and administrative aspects.

Mohammed Qassem, the Chairperson of the Egyptian Exporters Association, confirmed the interest of several global companies in the Egyptian market, considering it one of the most important geographically for production and export. He noted that these offers can participate in various stages within the framework of the state's project to develop the textile industry, especially amid the challenges facing global supply chains. He emphasized that new technologies can meet the requirements of markets that manufacturers are targeting.


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