Jade Textile aims to increase investments in Egypt's spinning sector by $70M

CAIRO - 6 December 2022: Jade Textile Egypt aims to increase the volume of its investments in the Egyptian market by $70 million in the spinning activity, according to CEO of the company, Selim Sankaya.

This aim will raise the volume of the company's investments exceeding $220 million in the textile industry, and the number of job opportunities provided by the company rises to 12,000 direct job opportunities as well as indirect opportunities, Sanakya elaborated.

He pointed out that the company seeks, through its new investments, to increase the percentage of the local component to 95 percent, stressing the company's support for the Egyptian state's efforts to achieve economic development and environmental sustainability.

Jade Textile Egypt is an Ready-made garment manufacturer. It is affiliated to Yeşim Textile Turkey.

This came during Sanakya’s meeting with CEO of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdel Wahab, to discuss the company's expansion plans in the Egyptian market, to benefit from the legislative and executive reforms undertaken by the Egyptian government.

Abdel Wahab stated that the company's investments in the Egyptian market amount to about $150 million, distributed over five ready-made garment factories, which manufacture the most important international brands through strategic partnerships.