Indian-owned Classic Fashion Apparel Industry Ltd is studying launching a new project for garment production in Egypt, with an initial capital of 1 billion Egyptian pounds ($55.8 million).
The Indian firm, whose headquarters is in Irbid in Jordan, seeks to start works on the Egyptian project next January ahead of actual production at the end of 2018, Egyptian Trade Minister Tarek Qabil said Monday.
Qabil made his remarks following meeting with a delegation from Classic Fashion led by its chairman Sanal Kumar.
During the meeting Kumar said his company seeks to invest in the Egyptian market in the light of the significant economic reforms recently announced by the government.
Classic Fashion is currently conducting initial studies to explore the various industrial zones in the country in order to determine the location of the Egyptian project by the beginning of 2018, Kumar added.
Founded in 2003, Classic Fashion Apparel Industry Ltd. Co. manufactures and distributes garments. Its clients include Under Armour, Walmart Stores Inc., Hanes brands Inc., One Jeanswear Group, and Lands´ End.