Egypt aims to be textile industry hub by 2025
Egypts Ministry of the Public Business Sector has launched a new strategy to restructure all textile companies under the Cotton and Textile Industries Holding Company with the aim of restoring the Egyptian textile industry locally and globally. The strategy involves a plan to reduce the companies’ losses and increase…
Egytex News Desk
Source: english.ahram.org.eg
The government has already started to implement a plan, at a cost of EGP 8 million, to have 17 centres in Fayoum and Beni Sweif governorates receive cotton crops directly from farmers with no intermediaries.
According to Minister of the Public Business Sector Hisham Tawfik, this system gives farmers the right to be paid 70 percent of the sales price in cash, and that the remaining 30 percent are to be paid within one week of the public auction.
As part of its vision 2025, Egypt also plans to establish a new integrated city for textile industries and to boost the sector with EGP 12 million. The plan also involves establishing four new factories, modernising old equipment in existing factories, and providing training for workers.
The government plans to quadruple textile and garment exports by 2025.
Source: english.ahram.org.eg
From the Egytex news archive, first published on 25 September 2019. Figures and names are as reported at the time.
