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Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib met with senior executives from Turkish firm Bonny Socks to discuss plans to establish a new textile factory in Egypt, according to a statement issued by the ministry.
The factory is set to meet the local demand and export to international markets.
Bonny Socks outlined a plan to develop a 75,000-square-meter factory dedicated to sock production, with an additional 45,000 square meters allocated for future expansion.
The facility is designed to house between 2,000 and 3,000 knitting machines, with the potential of expanding its capacity to 4,000 machines over time, supporting both domestic sales and exports.
The project is expected to target European markets in its initial phase, with projected exports of around $80 million.
Part of the output will also be directed to the Egyptian market to meet the needs of the company’s major European clients operating locally.
Total planned investment for the factory's construction, infrastructure, and operational equipment is estimated at $70 million.
