Egypt’s Prime Minister Mustafa Madbouli asserted that the government continues measures to deepen local manufacture in a bid to offer high-quality local product and a strong competitor to the global product.
The move is mainly contributing to reaching targeted levels of Egyptian exports and providing more job opportunities, added Madbouli while inspecting a number of industrial and petroleum projects.
The premier said the government devised an action plan to develop the spinning and weaving industry and is implementing it to reach the final product.
The state seeks to further establish more textile factories to meet needs if the local market, according to him.
Madbouli revealed that Egypt currently imports polyester worth approximately $800 million annually.
“We began exporting the first shipment from the artificial silk (rayon) and polyester factory, and our own main priority is increasing our exports and deepening the industry. The state has a clear plan with incentives and is ready to implement it” Madbouli said according to local media.
Madbouli followed up on the progress of more than one release process from various Egyptian ports, in implementation of the directives of President Abdel Fattah El-Sisi.
Source: The Egyptian Gazette
