Egypt’s Minya, Fayoum are getting new textile industrial zones that could bring in USD 3 bn in investment

The Madbouly government has plans to set up two integrated textile industrial zones in Minya and Fayoum at a total cost of EGP 27 billion, Industry and Transport Minister Kamel El Wazir announced yesterday. The two zones are expected to bring in some USD 3 billion in local and foreign investment.

The projects will be developed in partnership with the private sector, with each zone, each covering 5.5 million square meters — to be developed through the industrial developer system, which allows private companies to develop land for industrial use and take care of its management, operations, and marketing.

The zone in Minya will be the first specialized textile hub in Upper Egypt, coming in with an investment cost of EGP 12 billion and set to create around 250k direct and indirect jobs. It is expected to bring in USD 1.5 billion in domestic and foreign investment once fully operational. El Wazir said that the zone will revive Minya’s textile industry.

Investors are already lining up for the Minya project, with Garment Export Council Chairman and Giza Spinning and Weaving CEO Fadel Marzouk previously telling Al Arabiya before the zone was properly announced that it had already attracted the interest of more than ten Chinese and Turkish companies willing to commit investments to the project this year.