Egypt sees significant growth in textile-garment sector: Trade body
Egypt's textile and garment sector is witnessing significant growth, backed by global economic shifts, a favourable investment climate and a surge in foreign direct investment (FDI), according to Mohamed Abdel Salam, chairperson of the Readymade Garments and Textiles Chamber at the Federation of Egyptian Industries.
Recent studies highlight key advantages: electricity costs average $0.07/kWh in the country compared to $0.12 in many other markets. Water prices range between $0.30 and $0.50 per cubic metre, while in competing countries they often exceed $1.50.
Construction costs in Egypt range from $500 to $800 per square metre, nearly half of the cost elsewhere. Value-added tax stands at 14 per cent compared to up to 18 per cent in other nations, and wages remain competitive relative to regional benchmarks.
Egypt's textile-garment sector is seeing significant growth, backed by global economic shifts, a favourable investment climate and a surge in FDI, Mohamed Abdel Salam, head of the Readymade Garments and Textiles Chamber at the Federation of Egyptian Industries said. Cost benefits in construction, power, water and VAT have led several global apparel players to initiate or expand operations in Egypt.
'These cost efficiencies have led numerous global players in the apparel industry to initiate or expand operations in Egypt,' Abdel Salam was quoted as saying by domestic media reports.
Turkish industrial conglomerate Shahinler Group is actively coordinating with Egyptian authorities to explore new investment opportunities. It is mulling over relocating part of its manufacturing operations, specifically in cotton, spinning, weaving and readymade garment production, to Egypt. Shahinler has already invested $50 million in the country.
The group's expansion in Egypt is expected to generate up to 3,000 new jobs and annual production from the new facilities is projected to reach 3 million pieces of formal wear.
Fibre2Fashion News Desk (DS)
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