In order to enhance the corresponding textile export capacity, Egypt is currently seeking various ways to update the existing factory production environment and increase production capacity. Therefore, the demand for machine imports will be stronger than ever.
In order to meet the export growth budget of the textile industry, the Egyptian government has exempted all imported tariffs on imported textile machinery since January 2005.
As many buyers are actively seeking textile machinery trade opportunities, the 9th ITCE'S CAIRO2005 held the 2005 Buyers Forum for the Egyptian and Jordanian markets. ITCE'S CAIRO 2005 The 9th International African Arab Textile, Embroidery and Sewing Equipment and Accessories Exhibition and Forum was held in Cairo, Egypt from May 12th to 15th, 2005. The meeting invited all enterprises from QIZ Industrial Zone and related regions to attend.
Egypt's large expansion of the import and trade of sewing machinery has attracted the attention of sewing equipment manufacturers around the world. The 9th Egypt ITCE Exhibition is the largest exhibition ever, setting up a terminal platform for trade cooperation.
Through QIZ, the Egyptian textile industry expects to export US$400 million in the next five years, opening up the US textile market.
Cabinet spokesman Magdi Radi said the US delegation led by US Republican Senator Robert Ney has established important regional-level relationships with the Egyptian government. The Egyptian government proposed the QIZ agreement as the first step in reaching a comprehensive free trade agreement with the United States.
According to the financial situation of the Egyptian government's investment and foreign trade departments, a number of new industrial zones will be built in the near future in accordance with the agreement. The implementation of QIZ encourages economic growth, increases exports, attracts foreign direct investment, and creates new jobs for Egypt. Egyptian garment and textile manufacturers claim that QIZ can add 250,000 jobs.
The Textile and Clothing Agreement (ATC), part of the GATT, was also officially launched on January 1, 2005.
Since January 1, 2005, the textile import quotas of developing countries have been abolished, and the establishment of a free trade zone is the only way to stimulate foreign investment directly in Egypt.
QIZ will not only expand domestic textile exports in the next two to three years, but also add more than 250,000 jobs to Egypt, attracting more foreign investors to directly invest in various production areas in Egypt. The chairman of the American Chamber of Commerce in Egypt pointed out that exporting textiles to the world's largest market will bring more employment opportunities to Egypt, promote economic growth in Egypt, and improve people's living standards.
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