- Egypt has secured approximately $70 million in new investments from Chinese textile companies, including Zhejiang Holding and Jiangsu Haite Fashion, to set up garment and textile factories in its free zones.
- The move aligns with IMF-supported reforms aimed at revitalising the economy, reducing fiscal deficits, and enhancing industrial output.
Egypt has attracted nearly $70 million in new investments from Chinese companies in the garment and textile sectors—key areas targeted in IMF-recommended reforms aimed at boosting the economy and reducing fiscal deficits.
Following discussions with Chinese business leaders in Shanghai, Egypt’s minister of investment and foreign trade, Hassan El-Khatib, announced that two companies have committed to establishing new factories within Egypt’s free zones. Zhejiang Holding informed the minister of its plans to invest $20 million in garment and textile ventures in Egypt, with a goal of increasing its total investment to $50 million over the next five years, according to Egyptian media reports.
Full story at Fibre 2 Fashion
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