Egyptian government to encourage cotton production and exports in order to meet local demand and increase exports will take all measures . President Abdel-Fattah al-Sisi also ordered to set a reasonable price for the supply of cotton from farmers to encourage them to expand the cultivation of this vital crop during the coming years in order to cover the needs of the local market and exporting.
President Sis chaired a meeting to discuss means to support the expansion of cotton planting and the textile industry as a way to boost the national economy. The meeting was attended by Prime Minister Sherif Ismail, Trade and Industry Minister Tarek Kabi, Public Business Sector Minister Ashraf el Sharkawi, and Agriculture Minister Abdel Moneim el Bana.
The president also stressed the importance of establishing integrated companies for the spinning and weaving industry in new areas.
Kabi said that his ministry's strategy focuses on the the spinning and weaving industry as part of four main sectors.
Egypian cotton known as "white gold," is world famous for producing extra long fibers, which are ideal material for making soft and luxury fabrics and clothes.
Cotton production and exporting is a strategic sector of Egyptian economy as it contributes 26.4 percent of the gross industrial product and generates 7 billion U.S. dollars in annual exports. Also, 25 percent of the labor force work in around 7,000 textile companies whose investments amount to 50 billion dollars.
A weekly report covering market and price information on the entire chain of polyester along with online access to daily polyester chain prices.
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