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April 26, 2021

Egypt readies launch of “world’s largest textile factory”

Egypt is readying to launch what it claims is the world’s largest textile factory, according to local reports.

By Hannah Abdulla

Egypt is readying to launch what it claims is the world’s largest textile factory, according to local reports.

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The country’s Prime Minister Mostafa Madbouli recently held a meeting with ministers of trade and public enterprise to follow up on the construction of a textile factory in Mahala which is meant to be the largest in the world.

According to a report published by Egypt Today, Minister of Public Enterprise Hisham Tawfik said the factory spans more than 62,000 square metres and its daily production is estimated at 30 tonnes. The inauguration is scheduled for March 2022.

Madbouli is also said to have instructed farming incentives to grow high-quality cotton to the extent that fulfills the needs of local factories.

Egypt’s plans to attract significant foreign investment in its garment and textile manufacturing sectors were recently delayed due to the fallout from the Covid-19 pandemic – prompting the government to step in to spur development.

The government’s Vision 2025 strategy had targeted attracting some US$17.5bn in foreign investment to quadruple textile and garment exports. But with the pandemic leaving the global clothing sector in the doldrums – and Egypt’s exports down 20% last year – the government has earmarked some US$600m in public money to be invested in two tranches this year.

A focus of this spending routed by the ministry of public enterprises is previously allocated land and infrastructure for two major industrial park projects for clothing and textile manufacturers, one in El Minya, in upper (southern) Egypt, and in Sadat City, outside of Cairo. In early 2019, Cairo had hoped to attract 50 textile companies from China, South Korea and Bangladesh to the parks

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Free Report
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What is driving growth in the Global Luxury Apparel Market?

The global luxury apparel market has seen exceptional recovery since 2021, after the inevitable sales decline in 2020 due to the pandemic. This growth has largely been due to strong demand in the key market of APAC, with the lifting of restrictions leading consumers to spend more on luxury goods for events such as holidays and social occasions. This growth is only expected to continue, and GlobalData’s free report Global Luxury Apparel Market Trends, Size and Forecasts out to 2025, can assist companies in understanding the drivers behind this growth, as well as potential inhibitors and key trends affecting the market. Understanding these crucial elements will be essential for luxury brands and retailers to stay ahead of their competitors. This report provides comprehensive analysis of:
  • Luxury apparel market size at total, regional, and category level – with forecasts out to 2025
  • Market drivers and inhibitors
  • Retailer and brand market shares, 2019-2021
  • Hot issues and profiles of leading brands
  • Key trends affecting the global luxury apparel market
Read this report now if you want to maximize growth using in-depth market predictions.
by GlobalData
Enter your details here to receive your free Report.

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