Egypt’s Oriental Weavers eyes US$721mln-exports end 2015

Egypt’s leading carpet manufacturer Oriental Weavers Group eyes achieving exports volume of EGP5.5 billion (US$ 721 million) at the end of 2015, Mohamed Farid Khamis- Founder- said on Wednesday.

The Egyptian tycoon noted that the group aims at continuing its plans to expand its activity in the African markets within the upcoming period.

Kahmis made these remarks on the sidelines of the Tripartite Summit of the East Africa Community (EAC), the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA) held in Sharm El Sheikh.

He asserted that Oriental Weavers will finish pumping new investments worth EGP 880 million at the end of 2016.

On the other side, the founder elaborated that the total volume of group’s exports has reached EGP 6 billion at the end of 2014, 90% of it are locally produced.

Moreover, Khamis emphasised on the importance of the African Trade Zone (AFTZ) agreement – set to be signed Wednesday- to overcome all obstacles facing the Egyptian companies.