Egypt is planning to double its garment exports. The clothing sector brings in $2.5 billion in exports annually. The plan is to increase annual exports by 8 to 15 per cent. An initiative will be launched to bankroll big and middle-sized industries with a five per cent interest rate, in the hope that this would help secure finances needed by the clothes sector.

Egypt’s textile exports increased 28 per cent during the first nine months of 2021. Exports of fabrics were up 17 per cent. The higher exports were driven by the gradual easing of restrictions in markets and the high vaccination rates across the world. Egypt wants to have stronger trade relations with Africa. Steps include taking part in international exhibitions in the African continent and setting up an Egyptian-African free trade zone.

The main countries Egypt is interested in are: Kenya, Zambia and Ivory Coast. Egypt plans to develop its textile industry with the objective of becoming the next textile factory of the planet. Machinery will be renovated and workers will be trained. The vision is to quadruple exports of textiles and garments by 2025. The aim is to support Egypt’s private sector upstream manufacturers’ competitiveness in the world markets.