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The Madbouly government has plans to set up two integrated textile industrial zones in Minya and Fayoum at a total cost of EGP 27 bn, Industry and Transport Minister Kamel El Wazir announced yesterday. The two zones are expected to bring in some USD 3 bn in local and foreign investment.
The projects will be developed in partnership with the private sector, with each zone — each covering 5.5 mn sqm — to be developed through the industrial developer system, which allows private companies to develop land for industrial use and take care of its management, operations, and marketing.
The zone in Minya will be the first specialized textile hub in Upper Egypt, coming in with an investment cost of EGP 12 bn and set to create around 250k direct and indirect jobs. It is expected to bring in USD 1.5 bn in domestic and foreign investment once fully operational. El Wazir said that the zone will revive Minya’s textile industry.
Investors are already lining up for the Minya project, with Garment Export Council Chairman and Giza Spinning and Weaving CEO Fadel Marzouk previously telling Al Arabiya before the zone was properly announced that it had already attracted the interest of more than ten Chinese and Turkish companies willing to commit investments to the project this year.
What about the Fayoum zone? The Northern Fayoum zone will cost EGP 15 bn and aims to create 150k jobs and attract USD 1.5 bn in investment when fully operational. The zones will include a fully integrated textile manufacturing chain, ranging from spinning, weaving, and dyeing to ready-made garments and home textiles.
The two zones will house a lot more than just industry, with the projects set to include service and logistics zones, industrial schools specializing in textile manufacturing, healthcare facilities, exhibitions, research hubs, marketing centers, and investor service centers.
The government will help fast-track the projects by facilitating the implementation process to ensure quick implementation and operation, aiming to advance its plan to increase Egypt’s textile exports from USD 2.8 bn to USD 11.5 bn within five years.
