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Textile producer urges govt to intervene
07 Sep '11
1 min read
An Egyptian textile producer has urged the Government to intervene in order to bail it out from the increasing competition due to imports of low priced cotton from countries like Pakistan and India.
The country is known for good quality cotton, but in recent times there are increasing imports of low-priced cotton from the Indian subcontinent.
Arab Polvara Spinning & Weaving is one of the textile mills that has been affected by this development and has slashed its production capacity by one-third in July 2011. The company posted a loss of 20.1 million Egyptian pounds and a 35.3 percent drop in its earnings during the second quarter of the current year.
The prospects look gloomy for the company in its domestic market due to current slowdown in the Egyptian economy.
The country is known for good quality cotton, but in recent times there are increasing imports of low-priced cotton from the Indian subcontinent.
Arab Polvara Spinning & Weaving is one of the textile mills that has been affected by this development and has slashed its production capacity by one-third in July 2011. The company posted a loss of 20.1 million Egyptian pounds and a 35.3 percent drop in its earnings during the second quarter of the current year.
The prospects look gloomy for the company in its domestic market due to current slowdown in the Egyptian economy.
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