Egypt seeks private sector boost in textile industry overhaul

Egypt’s Prime Minister Moustafa Madbouly on Monday reviewed plans to restructure state-owned textile companies, reaffirming President Abdel Fattah El-Sisi’s directives to improve governance, boost returns and draw in private investment, the Cabinet said in a statement.

Madbouly said the government is committed to modernising spinning and weaving factories, noting billions of pounds have already been invested and underscoring the need for professional private sector management.

Business Sector Minister Mohammed Sheemy said the national programme to upgrade the industry aims to raise the value-added of Egyptian cotton and restore the country’s historic role in global textiles. He outlined a plan covering infrastructure upgrades, new machinery, advanced technologies and continuous training to lift productivity and exports.

Production at Misr Spinning and Weaving Company has jumped from 117 tonnes in fiscal year 2022/23 to 6,288 tonnes in 2024/25, reflecting progress under the programme, Sheemy said. The first phase of projects has been completed, with the second and third phases under way.

Sheemy added that the private sector is a strategic partner, with opportunities for local and foreign investors across textile companies. Talks are ongoing with firms from South Korea, China and Turkey to expand output, use idle assets, earn foreign currency, create jobs and strengthen exports, he said.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser