race Ministry of Public Business Sector Time to complete the inauguration of new spinning, weaving and clothing factories, which are being implemented at a cost of 21 billion pounds, which contributes to saving about 15 billion dollars annually.
According to the Ministry of Public Business Sector, the first new spinning and weaving factories will be launched during the current year 2022, through the operation of the largest spinning factory in the world in the Misr Spinning and Weaving Company in Mahalla, while the rest of the factories, which are set up at a cost of 21 billion pounds, will enter the service successively as soon as the construction is completed. The start of the arrival of machinery and machinery from Switzerland, Italy and Germany after signing a contract to finance the purchase of machinery with a value of 540 million euros; The new products bear the name “Net”, which means that they are made of 100% Egyptian cotton.
These industrial fortresses are added to the historical achievements of President Abdel Fattah al-Sisi in the industrial sector, with the aim of settling them in Egypt and gradually recovering the spinning, weaving and clothing companies from their losses and turning them into profitability, gradually.
The spinning and weaving industry is characterized by being a labor-intensive industry, which contributes to the continuation of part of the current workers, especially those who have been trained to work in the new factories, which are currently concentrated in Mahalla, Kafr El-Dawar and Damietta.
Economic sources indicated that the new factories will provide about $5 billion in yarn, textile and clothing imports annually, and will be able to export $10 billion in products after completing the development of all companies, bringing the total to 15 billion dollars annually.