Fashion
Egypt mulls converting Helwan Iron and Steel site into textile complex
The Helwan Iron and Steel Company was founded in 1954. Due to substantial losses, the Egyptian government decided to liquidate the company in January 2021.
Egypt is mulling over converting the Helwan Iron and Steel Company site into a major textile and garment industry complex to attract foreign investment and boost local value-addition, deputy prime minister for industrial development and minister of industry and transport Kamel Al-Wazir recently said.
Due to substantial losses, the government decided to liquidate the company in January 2021.
Al-Wazir instructed ministry officials to strengthen integration across industrial chains and deepen complementary industries for the garment sector to reduce the raw material import bill.
He said this while visiting Technotex Factory, part of El-Nile Group, located in the Second Industrial Zone in 15th of May City.
Technotex currently employs 5,000 workers and plans to expand its workforce to 8,000 and increase output to 14.7 million pieces annually by 2026, raising export revenues to EGP 4.7 billion, Egyptian media outlets reported citing a statement from the cabinet.
Fibre2Fashion News Desk (DS)