Egypt, China agree to establish new textile factory

CAIRO - 8 May 2017: Egypt and China have agreed to construct a textile factory which will shortly go into its production phase, Secretary General of the Board of Directors of the General Authority for the Suez Canal Economic Zone Nasser Foad said.

Foad told the Chinese People newspaper that the textile factory is expected to boost or even double Egypt’s cotton production.

"The Chinese investment might be able to effectively enhance the development of sectors such as agriculture, logistical services and others," Foad emphasized.

"For each job inside the factory, another six job opportunities will be created outside the factory, which means that there is a connection between Chinese investment and the happiness of hundreds of thousands of Egyptian families," Foad clarified.

Foad said cooperation in the Suez Canal area is not only at the core of Egyptian economic development, but has also become a "habit" of Chinese foreign investment.