Kabil, ITMF President at the meeting – courtesy of the Trade Ministry
CAIRO – 15 April 2017: Upgrading the spinning and weaving industry represents a key factor in Egypt’s economic development, Minister of Trade and Industry Tarek Kabil said.
He added that developing such a vital industry comes on top of the government’s priorities in the current period, particularly in light of the strategy, adopted by the trade ministry, to boost industrial development and foreign trade for the year 2020, the ministry said in a Friday statement.
Kabil’s remarks were made on the sidelines of his meeting with Jas Bedi, President of the International Textile Manufacturers Federation (ITMF), an international forum for the world's textile industries.
The meeting discussed the future of the spinning and weaving industry in Egypt and how to develop it and introduce international expertise into national industries.
The talks also touched on the possibility of cooperation between the ministry and the ITMF on establishing textile supply chains in various African countries in a way that will help raise the efficiency of national industry and enhance its competitiveness, the minister said.
Kabil further noted that the meeting underscored the importance of coordination among the two sides with regard to organizing textile trade fairs in Africa and benefiting from the funding mechanisms provided by the African Development Bank.
The government seeks to lure more foreign capital for textile industry, the minister said, adding that the trade ministry has offered a specialized industrial region in Badr city over an area of million square meters.
Meanwhile, Bedi emphasized the ITMF’s keenness to develop the textile industry in Egypt through offering new funding programs and introducing modern spinning and weaving technology to the Egyptian industry.
The African market is a promising one that opens up major investment opportunities for the textile industry in African countries, Bedi added.
Egypt is the largest producer in Africa and worldwide of the Long Staple (LS) and Extra Long Staple (ELS) cottons, according to Egypt’s Industrial Development Authority.
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