The Government of Egypt has made a plan for development of the textile industry in the country.
Egypt’s Holding Company for Spinning and Weaving (HCSW) is organizing a meeting to discuss the plan for development of its subsidiaries.
The said plan would be handed over to the Rescuing Committee of Spinning and Weaving Industry (RCSWI), which of late has appointed a new board, in accordance with directions of Prime Minister Hesham Qandil.
The new RCSWI Board would have the HCSW President, Director of the General Syndicate for Spinning and Weaving (GSSW) and the Ministers of Industry, Trade and Manpower, as its members.
The plan contains a proposal for shifting the cotton ginning mills and factories outside residential areas to the new industrial zones. As per the plan, the HCSW would sell its old space to gain from the high sale proceeds. The sum so received would be utilized to repay the debts owed to the National Investment Bank (NIB), and to develop new high-tech factories.
The plan further calls for dealing with issues like smuggling and imposition of protective duties on imported goods, so as to boost demand for locally produced items.
The RCSWI would also make an assessment of the government approved strategy for developing the textile industry in Egypt, starting with assisting farmers and increasing area under medium and short-staple cottons, to initiating new investments for developing both public as well as private sector factories.
Meanwhile, another meeting, called by Minister of Manpower Khaled El Azhary, would formulate a comprehensive strategy for eradicating the problems confronting the textile industry and also those faced by its employees.
Fibre2fashion News Desk - India