The factory is expected to cut Egypt’s annual yarn imports bill by nearly $1bln, the source noted
Turkish textile manufacturer Küçükçalik irketler Grubu (KSG) intends to build a $500 million synthetic fibers factory in the Suez Canal Economic Zone (SCZone) as of January 2024, Arab World News Agency (AWP) reported on November 28th, citing an unnamed government official.
The factory is expected to cut Egypt’s annual yarn imports bill by nearly $1 billion,the source noted.
The company is currently completing the procedures for obtaining a 250,000-square-meter plot of land in SCzone to establish the project, the source added.
The project will produce 500 tons annually of raw yarn in the first phase, to rise to 2,500 tons annually in later stages, as per the source.
The source added that the first phase of production would cover a quarter of Egypt’s yarn needs within two years as of the start of production.