During a meeting with Hossam Heiba, CEO, General Authority for Investment and Free Zones (GAFI), a delegation from the Chinese Council for Textiles and Ready-made Garments expressed keen interest in investing $300 million towards developing an integrated textile city in Egypt.

As per the delegation, this proposed textile city will encompass all stages of the industry, leveraging Egypt's advantageous capabilities to potentially become a global textile hub.

Comprising leaders and representatives from 20 renowned companies and alliances specialising in various textile fields such as spinning, dyeing, and printing, the Chinese recognised Egypt's strategic importance as a market in the Middle East and Africa, and expressed a strong desire to contribute to its economic landscape.

Heiba underscored Egypt's dedication to attract more Chinese companies, particularly in the textile sector, acknowledging the sector's pivotal role in fostering economic growth and development. To facilitate this, Heiba presented the delegation with a range of investment opportunities in Egypt, showcasing potential sites such as Damietta, Sadat, and New Alamein. These locations are part of the government's initiative to establish new free and industrial zones, aimed at incentivising direct foreign investments.