New textile co. in Egypt with investments of $400M: Indian Amb

CAIRO - 12 September 2017: The Indian ambassador to Egypt announced a new textile company in Egypt with investments up to $400 million.

Indian Ambassador to Egypt Sanjay Bhattacharyya said that Egyptian cotton is reputable worldwide and that all international textile companies around the world are in constant pursuit of it.

"India seeks to improve the level of the textile industry in Egypt in the name of mutual profit of the two parties, through bilateral cooperation in the field of textiles, "said the ambassador in a press conference announcing the participation of 37 Indian companies in the Cairo International Fair.

Bhattacharyya pointed out that the two companies have already started work on a 1.5-acre project.

He stressed that there are two companies in the field of textiles working in Egypt with investments amounting to $200 million and providing employment opportunities for more than 20,000 people. A third company is scheduled for next year with investments up to $400 million.