Major Egyptian Textile Industry Investment Announced

During ITMA 2019, a public interview was held to report an extremely huge venture by Egypt-based Cotton and Textile Industries Holding Co. The speculation program, encouraged by

Brussels-based Werner International, is intended to modernize Egypt's material industry and will use the eminence of Egyptian cotton to reestablish Egypt's material industry to noticeable quality. The speculation is upheld by Egypt's President Abdul Fatah Al-Sisi and the Minister of Public Enterprises Dr. Hisham Tawfik.

The all out speculation of around 1.1 billion euros ($1.25 billion) will be utilized to modernize turning, weaving, sewing, coloring, completing the process of, printing and cut-and-sew producing.

The speculation will happen in stages and incorporates around 780,000 new shafts and 1,250 weaving machines. Dr. Ahmed Moustafa Mohamed, executive of Cotton and Textile Industries Holding Co., reports as a major aspect of the venture, Egypt will develop another cutting edge turning factory for fine and extra-fine tallies that will highlight in excess of 180,000 shafts under one rooftop.

During the question and answer session, contracts were marked between Dr. Mohamed, and Rieter and Savio. Different organizations that are a piece of this first speculation stage are Benninger, including Thies and Brückner; EFI Reggiani; ITEMA; Karl Mayer; and Marzoli. Dr. Mohamed declared that a subsequent stage will be marked inside the following month.

"The Government of Egypt has chosen to make a major speculation into the material business of the open area," said Dr. Mohamed during the marking function. "The program will majorly affect the aggressiveness and the achievement of the Egyptian material industry later on. It is a significant advance for our nation. I am pleased and glad that the main machine providers are resolved to help the holding organization in the execution of the program. We say thanks to ITMA for having facilitated the marking function which allowed us the chance to commence our goal-oriented program so seriously."