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Egyptian govt to support revival of cotton textile sector
02
Jan '15
The Prime Minster of Egypt, Ibrahim Mehleb, recently held meetings to discuss the issues of the cotton and textile industry, and announced that the Egyptian Government has decided to support the revival of the textile sector, Daily News Egypt reported.

The meeting was held in the presence of the Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour, the chairman of the Cotton and Textile Industries Holding Company, chairman of the ‏Egyptian Chamber of Textile Industries, and chairman of General Union of Textile Workers.

In the first meeting including the ministers of industry and agriculture, and officials of the Egyptian Chamber of Textile Industries, they agreed upon a policy for cotton cultivation. The second meeting decided on a road map to develop the textile industry into a national project.

In the opening of a conference on “a roadmap to save the textile industry”, Minister of Manpower Nahed Al-Ashry talked about the importance of solving the textile industry’s issues in order to maintain it.

According to the Minister of Finance, Ashraf Salman, the Egyptian Government is currently conducting consultations with consultants specialised in the textile industry, to develop an investment plan timetable.

The return on investment will be the basis for commencing the technical restructuring of companies. It is expected that the study will be completed in early 2015. It is aimed to improve the situation of companies and to face the losses that hinder their growth, providing new plans for the industry’s development.

The Egyptian textile industry is going through several crises, including the absence of a clear policy to cultivate cotton and the low liquidity in factories. The government is exerting efforts to improve the industry and lower the rate of losses in its treasury. (GK)

Fibre2fashion News Desk - India

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