Cairo – Mubasher: Jade Textile aims to enlarge the volume of its investments in the Egyptian spinning market by $70 million, with the goal to exceed $220 million in the spinning and weaving industry, Selim Sankaya, the company’s CEO, announced.

Sankaya pointed out that the new investments will increase the number of the company’s direct job opportunities to 12,000 besides the indirect vacancies.

He also noted that Jade Textile aims to raise the percentage of the local component to 95% in line with the Egyptian government’s efforts to achieve economic development and environmental sustainability.

Sankaya unveiled these plans during his recent meeting with Mohamed Abdel-Wahab, CEO of the General Authority for Investment and Free Zones (GAFI), who highlighted that Jade Textile’s total investments in the Arab Republic reached $150 million that is distributed over five ready-made garment factories.

Within the GAFI’s framework, the company managed to export all of its production at a value of $180 million annually, Abdel-Wahab stated.