Egypt positions as export hub with $100 mn textile deal: Hossam Heiba

Egypt is actively positioning itself as a strategic regional hub for industrial investment, with a key focus on boosting exports and leveraging its various investment zones. Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), announced that the country is ready to welcome new capital, highlighting ongoing discussions with Chinese fabric giant, Fountain Set, regarding a potential $100 million textile complex.

During a meeting with the Chinese delegation and representatives from the Elegance Apparel Garments Freezone in Shebin El-Kom, the focus was placed on establishing Egypt as a major export gateway to European and African markets.

Fountain Set's proposed 200,000-sqm spinning and weaving facility is designed to function primarily as a regional hub for fabric production and exports, promising to create around 1,500 direct jobs.

The project is evaluating establishment under either a flexible free-zone or special economic zone model, allowing the investor to select the framework best suited for streamlined logistics and export operations.

Heiba noted the logistical and regulatory support available to foreign investors, stressing that Egypt offers a variety of investment frameworks, including general and private free zones, designed to optimise project logistics and trade.

He also highlighted the potential for industrial integration with existing manufacturing hubs in El-Mahalla City, a move intended to deepen domestic capabilities and significantly boost national exports.

Heeba noted that the government has already invested over $4 billion to modernise state-owned factories, offering new investors flexible options like lease and usufruct models.