Latest news with #HelwanIronandSteelCompany
Fibre2Fashion
8 hours ago
- Business
- Fibre2Fashion
Egypt mulls converting Helwan Iron and Steel site into textile complex
Pic: Adobe Stock Insights Egypt is mulling over converting the Helwan Iron and Steel Company site into a major textile and garment industry complex to attract foreign investment and boost local value-addition, deputy prime minister for industrial development and minister of industry and transport Kamel Al-Wazir recently said. Due to substantial losses, the government decided to liquidate the company in January 2021. Egypt is mulling over converting the Helwan Iron and Steel Company site into a major textile and garment industry complex to attract foreign investment and boost local value-addition, deputy prime minister for industrial development and minister of industry and transport Kamel Al-Wazir recently said. The Helwan Iron and Steel Company was founded in 1954. Due to substantial losses, the Egyptian government decided to liquidate the company in January 2021. Egypt is mulling over converting the Helwan Iron and Steel Company site into a major textile and garment industry complex to attract foreign investment and boost local value-addition, deputy prime minister for industrial development and minister of industry and transport Kamel Al-Wazir recently said. Due to substantial losses, the government decided to liquidate the company in January 2021. Al-Wazir instructed ministry officials to strengthen integration across industrial chains and deepen complementary industries for the garment sector to reduce the raw material import bill. He said this while visiting Technotex Factory, part of El-Nile Group, located in the Second Industrial Zone in 15th of May City. Technotex currently employs 5,000 workers and plans to expand its workforce to 8,000 and increase output to 14.7 million pieces annually by 2026, raising export revenues to EGP 4.7 billion, Egyptian media outlets reported citing a statement from the cabinet. Fibre2Fashion News Desk (DS)
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Egypt studies converting Helwan Iron into textile industries complex
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir has announced that the government is studying the conversion of the Helwan Iron and Steel Company into a major complex for textile industries and supporting industries for ready-made garments, with the aim of attracting foreign investments and boosting local value-added. Al-Wazir directed ministry officials to strengthen integration across industrial chains and deepen complementary industries for the garments sector, in order to reduce the import bill for production inputs. The announcement came during his visit to Technotex Factory, part of El-Nile Group, located in the Second Industrial Zone in 15th of May City. The facility, spanning 55,000 sqm, has an annual production capacity of 9.5 million pieces and a local component ratio of 35%. It exports 100% of its output, valued at EGP 3bn annually, to 12 international markets including the United States, Europe, and Turkey. The group currently employs 5,000 workers. During the visit, Al-Wazir inspected the production halls for shirts, trousers, packaging, the laser section, and the washing unit. He also reviewed the group's 2026 plan presented by factory director Walid Kamal, which targets raising production capacity to 14.7 million pieces annually, increasing the workforce to 8,000 employees, and expanding exports to EGP 4.7bn. The minister praised the factory's performance and emphasised the competitiveness of Egyptian ready-made garments in global markets. He underscored the sector's importance as a labour-intensive, energy-efficient industry in which Egypt enjoys a strong reputation, stressing that the country has all the ingredients to advance it — from raw material availability and skilled labour to advanced technology and knowledge.
