Egyptian Spinning & Weaving Co. (ESW) has signed a long-term lease with Chinese company "Handa" to provide 5,000 jobs.
The Ministry of Public Business Sector said in a statement on Saturday that the Chinese company for garments will be leased under the contract, an area of 34 thousand meters from a factory closed years ago belonging to the General Jute Products, in Belbes, which is under liquidation, for a period of 10 years, renewable, which will provide more than 5,000 jobs.
The agreement was signed by Ahmed Moustafa Mohamed, chairman of Cotton & Textile Industries Holding, and Han Chen, President of the Chinese enterprise.
It is worth mentioning that leasing this factory represents the first steps of the ministry to allocate part of the unused assets for industrial purposes in the chain of industries linked to the textile sector in order to deepen the industry and increase the added value of Egyptian cotton for export purposes.
On the other hand, the ministry is currently implementing a comprehensive and integrated plan for the advancement of the textile industry and its affiliates at an estimated cost of EGP 21 billion. This includes the supply of the latest machinery and equipment, modernization of the factory infrastructure and work systems, as well as the rehabilitation and training of workers.
Handa Enterprise was founded in 1995 and is a wholly-owned limited liability company in Hong Kong. It operates the development, production, dyeing and sales of knitted fabric, and designing, production and export of garments. The annual output of fabric is 18,000 tons, and 25 million pieces of garments.
Follow the latest news on Google News
