The European Union has funded a project aimed at supporting the textile industry in Egypt. The Ted Med Cluster project will attract investments, transfer technologies and modern management methods and increase exports. It will work toward environmental sustainability at the basic level and better conditions and modalities of persons, goods and capital.
The EU is Egypt’s the first trade partner and the source of more than 60 per cent of direct foreign investments to the country. The countries participating in the program are: Cyprus, Egypt, France, Greece, Israel, Italy, Jordan, Lebanon, Malta, Palestinian Authority, Portugal, Spain, Syria and Tunisia.
European partners in the project include the Italian Industries Federation, Spanish Textile Association and the Technical Centre for Textiles, which will cooperate with the Sustainable Textile Mediterranean Network to provide the technical assistance.
The Egyptian textile industry is known for its fine long fiber cotton. Egypt and the US are the only producers of long and extra long staple cotton. The textile industry is one of the most important sources of foreign exchange in Egypt. The industry accounts for 30 per cent of Egypt's industrial production, 15 per cent of its non petroleum exports and 30 per cent of local employment. Egypt has a number of competitive advantages, competitive labor costs and locally available raw materials.
