Hong Kong-based Crystal Martin to establish garment factory in Egypt
The new facility will offer 4,000 jobs, while localizing its technology in Egypt and creating a highly efficient value-added chain that relies on 60% to 70% local content.
Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI), said Egypt enjoys all the capabilities to become a global center for the manufacturing and trading of ready-made garments. This comes amid rising demands for textiles and ready-made garments in Egypt over the past years.
Heiba also addressed the improvement in the road and port network that connects manufacturing centers within Egypt to target foreign markets at competitive costs.
The GAFI has studied the experiences of leading countries in the textile and ready-made garment re-export sector over the past few years, added Heiba.
The CEO noted that Egypt is expected to become a regional hub for the manufacturing and trading of textiles and ready-made garments in the Mediterranean region within two years.
The authority established regional offices for major global brands in Egypt, and the commencement of production in several factories, which injected new investments and expanded into public and private free zones in the cities of Minya, New Alamein, 10th of Ramadan City, Sadat City, and the Suez Canal Economic Zone (SCZONE).
On his part, Hani Sallam, the Chairman of the Textile Export Council (TEC), lauded Egypt's remarkable development in infrastructure and the reduction in the duration of government procedures, particularly regarding free zones and customs ports.
Sallam pointed out that these measures facilitate and accelerate import and re-export operations. He also affirmed the council's support for the authority's efforts to attract international companies to open offices in Cairo and establish affiliated distribution centers within the framework of public and private free zones.
Daniel Stockdale, Crystal Martin's Vice President of Operations, announced the company's plans to move a portion of its production to Egypt, given its tax and non-tax incentives, streamlined establishment, and operating procedures, as well as the availability of trained labor.
Meanwhile, the actual production at the company's factories is expected to begin within two years for export to markets with trade agreements with Egypt, particularly the EU and the US.
Stockdale also unveiled the company's intention to apply for a golden license to expedite construction and operation, asserting that its investments meet all the criteria for obtaining the license.
Crystal Martin Group's annual business volume is estimated at nearly $2.5 billion, and it manufactures for numerous global brands such as Levi's, Adidas, and Nike at its factories in China and Southeast Asia.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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