Egypt launches 2 integrated textile cities in Minya, Fayoum with $3.5bln investment
Arab Finance: The Egyptian Ministry of Industry and Transport has announced the launch of two integrated textile cities in Wadi Al-Saririya, Minya, and North Fayoum, as per a statement.
The cities will be established in partnership with the private sector through the industrial developer system, covering a total area of 11 million square meters, with each city occupying 5.5 million square meters.
Minister of Industry and Transport Kamel El-Wazir stated that the Wadi Al-Saririya city in Minya will be the first textile city in Upper Egypt, with an investment of EGP 12 billion.
The second city in North Fayoum will cost EGP 15 billion.
These cities will be designed to serve as models for industrial cities specializing in the textile industry, including service and logistics zones.
Minya and Fayoum were chosen due to their favorable investment conditions, including infrastructure improvements such as roads, dry and sea ports, and railways, which have been developed since 2014, the statement noted.
The targeted investment for these cities is expected to reach up to $3.5 billion, with a focus on increasing Egypt's textile exports.
Current textile exports are valued at $2.8 billion, but with the new projects, the goal is to raise this figure to $11.5 billion annually by 2030.
The two cities will create a total of 400,000 direct and indirect job opportunities, benefiting both local and foreign investments.
The cities will also feature specialized facilities for all stages of textile manufacturing, including spinning, weaving, dyeing, and ready-made garments. They will adhere to international sustainability and environmental standards, aiming to improve the global competitiveness of Egyptian products.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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