Egypt’s textile, cotton sector upgrade costs $1.3 billion – minister

Egypt’s Public Enterprise Minister Hisham Tawfik said it would take 21 billion Egyptian pounds ($1.3 billion) to upgrade the textile and cotton industries sector.

The plan to improve the sector covers the modernisation of factories infrastructure, purchasing upgraded equipment, and contracting consulting experts for the financial, marketing, and human resources departments, according to a Ministry of Public Enterprise statement issued on Saturday.

Tawfik clarified that the plan aims at building three integrated industrial complexes, allocating three zones for exports, and establishing three technical training centres.

According to the statement, the Cotton and Textile Industries Holding Company has approved its evaluation budget for the financial year 2019/2020.

The company targets to increase revenues to reach 2.5 billion pounds, with a growth rate of 43 percent in the financial year 2017/2018, according to the company’s chairman Ahmed Mostafa.

The company also targets to decrease its losses to 1.8 billion pounds in the financial year 2019/2020, down from 2.5 billion pounds in the financial year 2017/2018, with an improvement rate of 29 percent.

Source: Ahram Online