CAIRO - 19 September 2019: Egypt wants to become the next textile hub. The Government of the country has provided a budget of 21,000 million Egyptian pounds (1,160 million euros) for a plan to boost textile production in the country, with the aim of becoming the largest factory of fabrics on the planet, MDS newspaper stated on Wednesday.
MDS, economic newspaper specialized on the fashion business on a global basis, added that Egyptian government has launched a plan to develop its textile industry with the objective of becoming the next textile factory of the planet.
The plan of the Government is to open four new factories and pave the ground for the installation of more. It also plans to increase aid to renovate machinery and strengthen the training of workers, according to Just Style.
This new initiative is framed within a policy drawn up in 2015 to quadruple textile exports and garments by 2025. That strategy, which was called Vision 2025, contemplated having one million employees in the industry and having attracted investment worth 17.5 billion dollars by then.
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Thu, Sep. 19, 2019
