Ain sokhna: Prime Minister Mostafa Madbouly inaugurated a polyester yarn factory operated by F-TEX International Company in the Ain Sokhna industrial zone, affiliated with the Suez Canal Economic Zone (SCZONE). The project, worth USD 10 million, marks the beginning of Madbouly's tour of the industrial zone.

According to State Information Service Egypt, the inauguration ceremony was attended by several key figures, including Labor Minister Hassan Raddad, Planning and Economic Development Minister Ahmed Rostom, Industry Minister Khaled Hashem, Suez Governor Hani Rashad, Suez Canal Economic Zone Chairman Mostafa Sheikhoun, as well as senior officials, industrial developers, and company heads involved in the zone's projects.

Prime Minister Madbouly emphasized the state's commitment to localizing intermediate industries as a crucial component of completing industrial value chains. He highlighted that intermediate industries are vital for providing strategic production inputs which bolster the growth of end-product industries and increase the local content, thereby enhancing the competitiveness of Egyptian industry and supporting the state's industrial and export expansion goals.

Madbouly further stated that launching new projects in the yarn and textile sector is a significant move towards establishing a robust production base to meet domestic demands and expand into international markets.

Suez Canal Economic Zone Chairman, Mostafa Sheikhoun, remarked that the project is a valuable addition to the intermediate industries sector within the zone and aligns with the authority's strategy to develop integrated industrial value chains. He noted that it would foster greater integration among textile and spinning factories within the Sokhna and West Qantara Industrial Zones, improve the supply of production inputs for factories in the Suez Canal Economic Zone, and enhance the competitiveness of Egyptian industry while boosting exports.

During the event, Prime Minister Madbouly toured the factory's facilities, including raw-materials, preparation, manufacturing, finished-product, and packaging areas. Harry Lu, Chairman of F-TEX International Company, provided an overview of the manufacturing process and production stages.

Lu explained that the factory spans 55,000 square meters and has an annual production capacity of 65,520 tons. The project is expected to create 150 direct jobs and 250 indirect jobs within the TEDA economic zone.