Attempts to resolve manufacturing setbacks in Damietta

CAIRO – 19 June 2017: The New Damietta Investors Association held a meeting Monday for factory owners who shut down their businesses or who are facing obstacles. Those members had previously contacted the Industrial Development Authority in New Damietta to resolve their problems.

The head of the association, Osama Hefeila, stated that a record was made of all closed factories in the industrial zone in New Damietta city, which sum up to 30 out of 670 factories.

Hefeila stated to Egypt Today that there are several reasons behind the closure of these factories. The most important one is obstacles in issuing licenses after the transfer of authority over industrial zones to the Industrial Development Authority. In addition, the Egyptian pound floatation caused an increase in the costs of raw material as well as fuel prices.

Damietta, whose exports amounted to $320 million in 2016, is well known for furniture manufacturing.