Italian Group Oniverse to Establish Two Textile Factories in Egypt
The Italian group Oniverse plans to set up two textile factories in Egypt as part of a project entirely dedicated to export. The announcement was made by the GAFI, the Egyptian authority responsible for investments.
Project Details
The project involves an integrated production chain, from yarn manufacturing to finished clothing, with an expected start date before the end of 2027. The two units are expected to create over 3,000 direct jobs and benefit from the private free zone regime, which offers tax and customs benefits to foreign investors.
Egypt's Textile Strategy
With this investment, Egypt is pursuing its strategy to become a regional textile hub and significantly increase its textile exports, which the government aims to raise to $11.5 billion by 2030. This move is part of Egypt's efforts to boost its economy and establish itself as a major player in the global textile industry.
