Organized by the national association Swissmem, Swiss textile machinery suppliers held a two-day symposium in early April in Cairo, Egypt. The objective was to strengthen the already well-established industrial ties between Egypt and Switzerland, and to initiate a major step toward the revival of the Egyptian textile manufacturing sector.
A total of 13 association member companies presented their latest machines and systems to an audience of 400, including representatives of major textile producers from the private and public sectors, as well as delegates from various universities and research institutes.
As the first among European textile machinery producing countries to plan such an event, Switzerland recognizes the enormous potentials for renewal of Egypt’s textile sector. The devaluation, while making Egyptian goods theoretically more attractive in export markets, has also had a serious impact on the cost and accessibility to Egyptian textile companies of new production technology from major producers.
The Swissmem symposium addressed this issue head on, with direct offers of assistance in the key area of financing capital imports.
Swissmem President Ernesto Maurer said at the symposium, “Switzerland is ready to support Egypt in its striving to re-connect with the worldwide textile community.” He was referring to difficulties in accessing foreign exchange funds and the high costs associated with this, which have been a major obstacle for Egyptian companies seeking to renew their equipment and introduce new technology.
Maurer continued saying, “Funds need to be created prior to new investments, and here Swiss textile machinery companies can help. Sometimes, it is also the case that service and upgrade of existing equipment can be easier to achieve than complete renewal.”