The Ministry of Industry and Foreign Trade is working on providing support to develop and increase the competitiveness of the textile sector for exports.
Minister of Industry and Foreign Trade Tarek Kabil announced in press statement on Saturday that the ministry is working on eliminating the challenges that led to a decline in exports during the last period.
Kabil noted that the textile industry has a competitive advantage and large capacities can be exploited to double Egyptian exports to global markets.
During a meeting with members of the Supreme Council for Textile Industries, the minister discussed the challenges facing the textile and home furnishings sector and the necessary solutions to assist the development and reformation of this industry.
Kabil said the government attaches great importance to increasing the value of the Egyptian industry and supporting sectors that have a competitive advantage.
“It is important to review production costs within the textile industry and improve the quality of its products to increase its competitiveness in the domestic and overseas-market,” added Kabil.
On his part, Vice-President of the Supreme Council for Textile Industries Mohammad Kassim presented the National Strategy for Textile Industries by 2025, which aims to transform Egypt to into a leading North African and the Middle Eastern country in the field of textile industries.
In addition, it aims to make Egyptian products a main source for major companies and traders in the world by raising the productivity and competitive edge of the Egyptian textile industry.
Kassim added that textile sector exports amounts to $2.8bn and the strategy aims to increase exports to $10bn by 2025.
Furthermore, the strategy will create new employment opportunities, train 500,000 engineers, workers and technicians and attract foreign and local investments, which is could potentially reach $13.5bn.