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Thursday, 15 December 2016

Boom in textiles exports will be gradual

Don’t expect a sudden boom in textile exports, Patrick Werr writes in The National. The sector will regain competitiveness gradually, as the price of Egyptian textiles will not fall by half straight away due to domestic inflation pressures. However, Egypt is back on the radar with foreign textile buyers now, said Mohamed Kassem, the chairman of the Readymade Garments Export Council of Egypt: “We will see two waves of textile and garment production growth: first with the use of idle capacity, then with new investment.” He expects exports to be 10% higher in 2017 than in 2016, and although Kassem would like to see more efficiency in government, he says he is “a lot more optimistic.”

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