Textile machinery venture with Italy, Germany

An Egyptian-German-Italian company will be set up in 10th of Ramadan City to produce and market machinery for the textile industry.

Prime Minister Ahmed Nazif attended yesterday the signing ceremony to launch the company.

Local businessman Mohamed Farid Khamis and representatives from two firms, one Italian and the other German, attended the event.

Cabinet Spokesman Magdi Radi said the joint enterprise is an indicator of confidence in economic reforms, notably the reductions in customs tariffs.

"The project will also help boost exports, new jobs, and modernize industrial technology," Radi told reporters.