EU contributes €20m to textile industry in Egypt

Klara Kanska, the First Secretary of the EU's Trade, Science and Enterprise section, has stressed the importance of the textile industry in Egypt.

The EU is contributing some 20 million euros to upgrade textile industries in Egypt, Kanska said in her speech to the third EuroMed conference on textileson Tuesday, stressing the importance of investing in this field.

The conference was organized by the Chamber of Commerce in Alexandria in cooperation with the EU and the EuroMed Invest program.

Representatives of textile projects were present to discuss means to establish cooperation and integration with the EU that would benefit the textile private sector.

Kanska said experts will set up strategies needed to manage textile investments and make the textile sector more effective.

Speaking at the conference was also chairman of the Federation of Egyptian Chambers of Commerce Ahmed el Wakeel. He said Egypt is racing against time to create an investment-friendly climate through economic legislation and reform, as well as incentives.

Wakeel also talked about activating the role of the private sector; involving it in promising investment opportunities.

Egypt's growing economy is the outcome of a decade of peace, stability and security, plus economic reforms, Wakeel told the conference.

Egypt has been rated among the world's top five reformers in a World Bank "Doing Business" report, said a proud Wakeel.

He told the conference that Egypt is the biggest market in Africa and the Arab world, with some 90 million consumers, whose average income is also growing.