vertically integrated textile project: Egypt draws$ 350mn investment for vertically integrated cloth design
Crystal International Group in collaboration with Elsewedy Industrial Development inked a contract to set up a vertically integrated cloth shop complex at an original investment of US$ 350 million in New October City in Egypt.
The design which will be spread over 800,000 sq. metres, will operate in a Free Trade Zone( FTZ) and will have capabilities for spinning, weaving and fabric processing including dyeing and printing fabrics.
The cloth product complex will house the rearmost and state of the art technologies and will meet the loftiest global environmental sustainability norms in both air and water emigrations.
The free trade zone status accorded to the design is anticipated to enhance Egypt’s exports of fabrics to major global requests and is anticipated to produce around 20,000 direct jobs.
“ New October City was preferred for setting up the design due for its closeness to major anchorages and veritably good transport structure, ” Daily News Egypt reported.
“ This design is in tune with the government’s strategy to rejuvenate the Egyptian cloth sector, increase domestic manufacturing and thereby drop reliance on significances, ” Egyptian Minister of Industry and Transport Kamel Al- Wazir who was present during the signing of the contract, said.
