Switzerland and Egypt have agreed on a textile machinery transaction. This will help Egypt modernize its textile industry while benefiting the Swiss textile machinery industry by broadening its export strategy plans.

The objective is to strengthen the already well-established industrial ties between Egypt and Switzerland and to initiate a major step toward the revival of the Egyptian textile manufacturing sector.Switzerland has made offers of assistance in the key area of financing capital imports. Switzerland is ready to support Egypt in its striving to re-connect with the worldwide textile community.

Swiss textile machinery producers enjoyed strong export sales to Egypt in the years up to 2013, but the country’s economic and political woes since then have seen shipments decline to only 20 per cent of previous levels.Textile production is a vital contributor to Egypt’s economy. But the sector’s performance and potential is being held back by financial constraints. Difficulties in accessing foreign exchange funds and the high costs associated with this have been a major obstacle to Egyptian companies seeking to renew their equipment and take up new technology.

Switzerland and Egypt share a history of fruitful collaboration in the textile sector, which dates back to the 19th century.