- Jade Textile aims to increase the local component ratio in production to 95%
According to Zawya article published on December 7, 2022, Jade Textile, an affiliate company of Turkiye’s Yesim Group, is considering investing $70 million in the Egyptian textile spinning industry, the company’s CEO Selim Sankaya stated during his meeting with the CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab on December 6th.
This will bring the company’s total investments in the Egyptian spinning and weaving industry to $220 million, raising the number of direct job offers to 12,000, Sankaya noted.
He also pointed out that Jade Textile aims to increase the local component ratio in production to 95%, stressing that it supports the Egyptian government’s efforts in achieving economic development and sustainability.
For his part, CEO of GAFI Mohamed Abdel Wahab said that the company’s investments in Egypt amount to around $150 million through five factories for the production of ready-made clothing.
The company has been able to export its full production at a value of $180 million annually due to operating under the umbrella of the free zones, Abdel Wahab highlighted.
