Egypt: Egyptian QIZs Boost Apparel Exports to the U.S.
Apparel exports to the US from Egyptian qualified industrial zones are soaring, manufacturing investments are on the up, and retailers and importers are putting more business into the country.
Egytex News Desk
Source: www.just-style.com
Mr. Alaa Arafa, who runs Egypt’s biggest clothing exporter, says any of his countrymen concerned about trading with Israel should see how doing so has boosted exports to the U.S.
Sales of Egyptian garments to the American market have doubled to $800 million in the past five years, thanks to a 2005 U.S.-brokered trade accord with Israel, and may increase 25 percent next year alone, Arafa said.
Egypt is now in talks with the U.S. to widen the trade agreement, setting up more so-called Qualifying Industrial Zones in the Arab world’s most populous country and third-largest economy after Saudi Arabia and the United Arab Emirates. The accord allows companies to export goods to the U.S. duty-free if they have an Israeli component, such as buttons and zippers.
More than 700 Egyptian companies have based themselves in the zones so far. Four areas in northern Egypt were initially designated for the zones, known by their acronym of QIZ, and the deal was extended last year to the provinces of Minya and Beni Suef in the south.
Source: www.just-style.com
From the Egytex news archive, first published on 19 December 2010. Figures and names are as reported at the time.
