A $30 million Egyptian-Iranian yarn manufacturing plant is to be established in the near future. Chief Executive of the Egypt-Iran Yarns and Textile Company, Abdul-Hakim Hajjaj, stated that all necessary procedures had been finalized for the establishment of the factory, reported Al-Hayat daily.
The new plant, which will be situated in the Suez City, is expected to produce 2,000 tons of cotton yarns, valued $16 million annually. An Iranian delegation is set to depart for Cairo next week to discuss the deal. Last year, Egypt-Iran Yarns and Textile produced 180 million Egyptian pounds ($42.2 million) worth of yarn products. — (Mena Report)
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