Wilcox made the remarks during the Hong Kong Garment and Textile Business Mission in Cairo, hosted by HSBC in collaboration with the Hong Kong Trade Development Council (HKTDC), according to a statement released by the bank on Sunday.
He highlighted that Egypt’s garment and textile sector continues to offer strong potential for international investors, thanks to its skilled and cost-effective workforce, which could contribute significantly to job creation.
HSBC has assisted several Hong Kong-based companies in investing in Egypt’s garment and textile manufacturing sector.
HKTDC has also supported these businesses with market insights and expertise to strengthen the Egypt–Hong Kong business corridor, according to Iris Wong, HKTDC’s Merchandise Trade and Innovation director.
Egypt is seen as a “compelling platform” for export-focused local production and free trade agreements, said Katherine Fang, CEO of Hong Kong-based conglomerate Fang Brothers Holdings and leader of the mission.
The country has also been expanding manufacturing collaborations with Asian firms, particularly in the Suez Canal Economic Zone, which handles around 12 percent of global trade and forms the backbone of Asia–Europe shipping, as well as being a major source of foreign currency for Egypt.
However, major shipping lines have avoided the Red Sea since October 2023 due to security risks linked to Israel's genocidal war on Gaza and Houthi attacks on vessels with Israeli connections.
The diversions have forced ships to reroute around the Cape of Good Hope, increasing transit times, fuel costs, and insurance premiums, while the canal’s revenues fell by an estimated 40–60 percent over the past two years.
Egypt could potentially recover 15–25 percent of the canal’s lost revenue from 2023–2024 within three to five years by focusing on value-added and logistics-based services such as bunkering, ship maintenance, container handling, advanced storage, and regional logistics distribution.
The country’s garment and textile sector is among its top exporting industries, with ready-made garments generating $3.3 billion in exports in 2025, while spinning and weaving products reached $1.1 billion.
This is part of Egypt’s push to expand domestic manufacturing, reduce reliance on imports, and increase textile exports, supporting the broader economic development narrative focused on industrial growth, foreign investment, and labour market efficiency.
Egypt aims to raise annual exports to $115.8 billion by 2030 and has instructed export councils to prepare plans to increase non-oil exports by 15–20 percent annually.
The strategy also emphasizes export-oriented industries, a 7.5 percent GDP growth target by 2030, and increasing the industrial sector’s contribution to GDP from 14 to 20 percent, among other aspects.
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