Crystal International Group in collaboration with Elsewedy Industrial Development signed a contract to set up a vertically integrated textile mill complex at an initial investment of US $350 million in New October City in Egypt.
The project which will be spread over 800,000 sq. metres, will operate in a Free Trade Zone (FTZ) and will have capabilities for spinning, weaving and fabric processing including dyeing and printing fabrics.
The textile production complex will house the latest and state of the art technologies and will meet the highest global environmental sustainability standards in both air and water emissions.
The free trade zone status accorded to the project is expected to enhance Egypt’s exports of textiles to major global markets and is expected to create around 20,000 direct jobs.
“New October City was preferred for setting up the project due for its closeness to major ports and very good transport infrastructure,” Daily News Egypt reported.
“This project is in tune with the government’s strategy to rejuvenate the Egyptian textile sector, increase domestic manufacturing and thereby decrease reliance on imports,” Egyptian Minister of Industry and Transport Kamel Al-Wazir who was present during the signing of the contract, said.