23 Jan 2022
The head of the Readymade Garments Export Council reported that exports from their industry shot up by 41% to reach USD2.5bn. This was due to a number of positive catalysts, such as the great benefits reaped by the industry from recent trade agreements that Egypt signed with other countries and blocs which provided customs reductions and exemptions. Another key catalyst was the steep three-fold increase in shipping costs witnessed during 2021, especially for shipments coming from China, one of the major global garment manufacturers. This led many international brands to relocate their factories from China to Egypt. Furthermore, export subsidies by the Egyptian government provided extra liquidity to domestic manufacturers to purchase raw materials and other working capital.
As a result, there has been rapid expansion in the industry, which attracted 23 new factories in 2021, some of which were SMEs and entrepreneurial ventures. These new facilities provided 40,000 new job opportunities. The Readymade Garments Export Council is doing its part to stimulate the industry by expanding its services to include promotional and marketing activities in-person and on the internet. The council also participates in international and local exhibitions, provides direct export opportunities, facilitates bilateral meetings, and organizes workshops and training programs for export competitiveness and production efficiency.
(Source: See News (English), Arab News (English), al-Maal, al-Ahram, al-Youm al-Saabe, al-Masry al-Youm, al-Shurouk, al-Watan, Sada el-Balad)