Egypt and Switzerland inked on Sunday a cooperation agreement to provide technical and financial support for the Egyptian textile and clothing sector through applying the GTEX international programme in Egypt with a total fund of SwF 1.5 million (about $1.5 million).
Egypt’s Minister for Trade and Industry Amr Nassar said that this agreement develops ties between the two countries and enhances economic, financial, and technical cooperation. In addition, it helps in implementing Egypt’s strategy to boost the competitiveness of industrial sectors.
“GTEX targets raising the competitiveness of Egypt’s SME exports in the textile and garments sector, which is a vital sector for our economy and one of the most important export sectors,” Nassar added.
The main objectives of the agreement, which will be in force until 31 December 2021, are to create more job opportunities, improve income levels for workers in the sector, and increase the added value of products and services, as well as increase exports in both new and traditional markets, according to Nassar.
Swedish Ambassador in Egypt Paul Garnier said that the GTEX programme is being implemented in Egypt, Morocco, Tunisia, Kyrgyzstan, and Tajikistan, and is funded and supported by the Swedish government, while the Egyptian government is providing 10 percent of the total fund.