A meeting was held between the president of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba and a delegation from Fountain Set Limited, one of the largest textile manufacturers from China as well as representatives of Elegance Apparel Garments Freezone, which operates in the Shebin El-Kom Free Zone.

The meeting allowed Fountain Set to present his expansion project on the Egyptian market by creating a new complex spinning and weaving. This industrial site, with an area of 200,000 square meters, could be established under the free zone regime or of special economic zone. The project is expected to attract investment of approximately $100 million, create nearly 1,500 direct jobs and become a major platform for the production and export of textiles to European and African markets.

They also discussed the projects of expansion of Elegance Apparel Garments Freezone, which aims to increase its production capacity and to expand its operational footprint in Shebin El-Kom.

Besides, Heiba has reaffirmed Egypt's willingness to welcome new investments, stressing that the State has injected more than 4 billion dollars into the modernization of public sector factories, in particular through the acquisition of state of the art European machines. He insisted that Egypt is offering flexible partnership models for foreign investors — ranging from property to rent through usufruct — allowing businesses to choose structures adapted to their needs.