Cabinet: Gov’t working on bringing back cotton industry to its former glory
The Cotton and Textile Industries Holding Co. is expected to generate up to EGP 2.5 billion in revenue after implementing a EGP 21 billion worth sectoral development plan, the Cabinet media center said.
In a report highlighting the State’s efforts to revive the Egyptian cotton industry and bring it back to its former glory, released by the center on Saturday 04/12/2021, the center revealed that 22 textile companies had been merged into eight companies as part of a government development and restructuring plan.
In addition, as many as nine cotton trading and ginning companies have been merged in one company, while four export centers have been set up in El Mahalla El Kubra, Kafr El Dawwar, the Delta region, and Damietta, the report said.
Moreover, a number of upgraded factories are set to come into operation during the last quarter of 2022, the center added.
As for infrastructure modernization, the report indicated that new machinery has been procured at an approximate cost of €540 million, while 65 facilities are currently being established or renovated at about EGP 7 billion.
Source: State Information Service Egypthttps://syrianewsgazette.com/cabinet-govt-working-on-bringing-back-cotton-industry-to-its-former-glory/Business