Amr Youssef, an expert in the field of economics, financial and tax legislation, told RT about Egypt’s plan to open the world’s largest spinning and weaving factory in Mahalla al-Kubra in January 2024.
Youssef explained that in Egypt’s desire to regain its leadership in one of the most important integrated industries in the country throughout history in the field of spinning and weaving, the Egyptian administration is announcing the imminent opening of the largest factory of its kind in the Middle East and North. Africa for spinning, weaving and cotton industry in Egypt.
Youssef continued: “In recent years, the world reputation of Egyptian cotton has been formed, which has written an extraordinary story about the importance of the textile industry in Egypt, so that the establishment of the current factory with such great energy and capabilities will be done. using the world’s latest production and production lines in this area to ensure the quality of the product and restore what this industry and long staple cotton in Egypt was.”
He noted that this comes in light of the Egyptian administration’s interest in manufacturing and manufacturing, a belief in the importance of industry to the structure of the national economy, and support for exports to secure a foreign exchange basket.
The textile industry in Egypt is one of the most important sectors that characterize and are unique to the production environment and agricultural activities in Egypt. To do justice to the energy expended, the creation of the first industrial complex, unique in the region, is tantamount to giving life to an important influx of industry in Egypt, as well as providing thousands of jobs for citizens and youth in this area. The region must ensure the compatibility of the state’s plans to directly combat unemployment.
And Egyptian Business Minister Mahmoud Esmat said that the world’s largest spinning and weaving mill will open in January 2024 in El Mahalla el Kubra, and the 4th spinning and weaving mill will open in early 2024. next July.
During a press conference held on Thursday evening after a breakfast organized by the ministry in the presence of several heads of holdings, the Minister of State Enterprise explained that the delay in the development of the spinning and weaving project was due to the unavailability of drawings and designs.
He added that all the spinning and weaving machines have come from Switzerland and Italy and are being installed.
For his part, Ahmed Mustafa, head of the Spinning and Weaving Holding Company, said that the Italian credit crisis, which had recently ended as a result of some environmental conditions put forward by the donor, had been resolved and the Italian loan agreement had been signed and letters of credit were being opened.
Earlier, the minister declared his interest in the development of the spinning, weaving and clothing industries, since this is one of the most important sectors of the national economy.
He pointed to the importance of modernizing the sector’s exports to various regional and global markets, especially in light of the high competitiveness of Egyptian products in foreign markets and the outstanding reputation of Egyptian cotton worldwide.
The minister explained that the ministry’s plan for the development of the textile sector in Egypt includes all stages of production, from the cultivation and trade of cotton and the development of factories, through the modernization of spinning, weaving, dyeing and processing factories, up to the final products.
He drew attention to the great interest in the marketing element, increasing exports, opening up new markets and striving to keep pace with the global development of modern and professional sales methods.
Source: RT
Cairo – Nasser Hatem
