Minister of Industry Tarek Kabil- File Photo
CAIRO - 31 July 2017:New Delhi-based Classic Fashion clothing company is planning launch new fabrics project in the Egyptian market with LE 1 billion in capital, Minister of Industry Tarek Kabil announced Monday.
Working on the project will commence in January so that the production can start by the end of 2017, Kabil added in a statement.
Classic Fashion considered investing in Egypt as a result of the economic reform measures taken by the Egyptian government, chairman and managing director of the company Sanal Kumar said in the statement.
The Indian company is currently conducting feasibility studies of the project and reviewing available industrial land plots to build the project on.
Last month, Minister of Investment Sahar Nasr met Indian Ambassador to Egypt Sanjay Bhattacharyya to discuss Indian investments in Egypt.
The ambassador pointed out that India is investing in the Technological Excellence Center project at Al-Azhar University. The project’s execution is expected to start in August, where modern Indian equipment will be utilized.