The increasing investment opportunities in the Egyptian market, particularly in the textile sector, has resulted in a surge in interest by investors to tap this market. After signing the Qualified Industrial Zone (QIZ) agreement with the USA last December, Egyptian textile exports are expected to witness a significant growth, reaching US$ 4 billion within the next five years. The country’s exports in 2003 amounted to only US$ 904 million.
“More than 30 per cent of the exhibitors this year are from Turkey and this will generate a lot of interest among participants and visitors, as Turkey is known for the quality of its cotton textiles and manufacturing techniques. Turkey, after its industrialization efforts in late sixties, is among the pioneers to adopt latest textile manufacturing machinery and equipments,” said Ahmad Ghozzi, Chairman, ACG, organisers of the event.
At present the textile industry is one of the most crucial sectors in the Turkish economy in terms of GDP, employment and exports. The share of this industry in the country’s GDP is around 10 per cent and the country produces and exports all types of yarn, fabric, clothing, home textiles and other ready-made products.
The huge growth in exports predicted in Egypt’s textile exports has prompted Egypt’s textile factories to invest major resources in upgrading their machinery and processes. Large-scale imports of latest technology machinery is projected to be undertaken over the coming months. The Egyptian government is planning on supporting textile machinery and accessory imports and recently applied a new decree for full tax exemptions on all imported textile machinery starting January 2005.
“ITCE Cairo 2005, provides an excellent opportunity for exhibitors to display their products ranging from carding and combing machines to dyeing machines and garment manufacturing machinery as well as yarn, raw material and sewing machines. Apart from aiding exhibitors to build a network with peers in the field, it provides a meeting point for new buyers and potential partners” added Ghozzi.
The previous edition of ITCE Cairo which was held last year, witnessed an overwhelming response by industry leaders and succeeded in bringing together around 437 companies from across the world to exhibit the latest in textile manufacturing technology and accessories to over 20,000 trade visitors in an effort to boost the US$ 11 billion textile market in the Middle East and North Africa region.
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