The statement followed a meeting between the CEO of GAFI Hossam Heiba and the Group Chairman of the Board and President of Lianfa Textile Xian Gun Kong on Thursday to discuss the establishment of an integrated complex for spinning, weaving, and dyeing textiles and ready-made garments in Egypt.

According to the statement, Lianfa Textile is one of the biggest Chinese companies in the textile and ready-made garments sector, with their operations in China and Indonesia focusing on polyester, cotton and wool fabrics, yarns, and apparel.

During the meeting, Gun Kong highlighted the Chinese textile community's increasing interest in investing in Egypt due to its strategic location next to significant global markets, the various trade agreements signed by Egypt in the past few years, and the investment system in place to support exports.

The plan for the textile complex includes constructing production lines across 350,000 square metres while following sustainable energy and water consumption practices.

Heiba shed light on the different investment systems GAFI offers and all the lands available for investment.

Moreover, he emphasized that Egypt can meet all investors' needs, including resources, manpower, and international agreements that simplify investment processes and facilitate the export and circulation of goods.

Egypt has strong trade agreements with major markets and possesses competitive advantages related to location, efficiency, and availability of trained workers, Heiba affirmed.

He also announced that GAFI will soon prepare conferences and promotional tours targeting Chinese investors wishing to pump new investments into emerging markets.

This aligns with the new cabinet’s plan to increase the annual growth rate of foreign direct investments to about 14 percent by 2030, following the State Ownership Policy Document.