Chinese firm to build $0.5B textile complex in Egypt

Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba met Wednesday with the chairman of a Chinese firm to discuss its plan to establish a $0.5-billion spinning and weaving complex in Egypt.

The complex is expected to span over 350,000 square meters, and produce textiles and ready-made garments. Ninety percent of the output will be exported leveraging the country's location that is close to various markets as well as its trade agreements with many states.

The GAFI chairman presented the investment programmes available, and the land plots consisting of all the necessary utilities. He also stated that the authority would organize investment promotion conferences and tours targeting Chinese investors eyeing opportunities in emerging markets.