Despite adopting and deploying various strategies to become the centre for textile manufacturing, Egypt has noted a decline in textile exports during the month of January this year.
In the said month, the country noted a 4 per cent decline in exports of textile products to US $ 62 million as compared to US $ 64 million in the same month of 2017. This was revealed by the Egyptian Textile Export Council, as reported.
The drop in exports has come soon after the country posted a 4.8 per cent increase in home textiles exports to reach US $ 664 million during the 11-month period from January-November 2017.
Markedly, Egypt issued industrial lands to develop and set up textile and readymade cloth manufacturing factories in the country. In 2017, it established two cities for textile manufacturing in Badr City and Sadat City, where the project will be implemented in five phases by the Chinese firm Man Kay that owns 25 affiliated companies.
The construction of the first phase kicked off in March 2018 and will be completed by 2020. At least 57 factories with a total investment of around US $ 230 million will be set up in the first phase. The fifth and final phase of the project will be completed by 2024.
The proposed project in the city will be spread over an area of 3.1 million sq. mt. and house 568 factories, offer employment to more than 160,000 workers and technicians with a total annual production value of US $ 9 billion, as reported.
Egypt which has even established industrial complexes for the textile industry in Kafr El-Dawar City also wants to increase the exports to US $ 25 billion in 2018.
However, in spite of such initiatives it failed in exporting more than that of last year.
