Program to modernize 100 factories following cancellation of quota system

The Industry Modernization Center started implementation of a major program to modernize some 100 factories working in textiles and ready-made clothes in a bid to confront foreign competition in a pre-step to cancellation of quota exports system as of 2005, said the center director Selim Al-Talatly.

He told AI-Akhbar the Egyptian textiles industry will face cut-throat competition following the cancellation of the quota system as massive inflow of imports will access local markets, a matter which requires the Egyptian industry to keep pace with the international developments. He indicated the center will focus on 25 companies working in the manufacture of ready-made clothes.

He further noted that the center had contracted with a specialized German company to study status of the would-be modernized factories to determine the foreign markets that could receive their products.