Chinese Lutai mulls 1st factory in Egypt with $385M investments
Updated 12/16/2024 12:05:00 PMArab Finance: Chinese Lutai Group is mulling over developing its first factory in Egypt with an investment valued at $385 million, according to a statement from the General Authority for Investment and Free Zones (GAFI).
Lutai Group, the world’s largest producer of dyed fabrics and shirts, will implement the project on an area of 500,000 square meters.
Liu Deming, Lutai’s Global Marketing Director, noted that the company seeks to establish a complete supply chain in Egypt, from yarn production to garment manufacturing, with 100% of the output for export.
This goal aligns with the Ministry of Investment and Foreign Trade’s strategy to foster export-oriented industrialization.
On his part, GAFI’s CEO Hossam Heiba pointed out that the average growth of the Egyptian economy always exceeds the average growth in the region, adding that the country is bound by trade agreements covering 3 billion people worldwide.
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