CAIRO, (Xinhua) --
Egyptian government on Monday pledged to
take measures to encourage cotton production and exports
in order to meet local demand and increase exports.
Abdel-Fattah al-Sisi 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 official MENA news agency reported.
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.
“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,” the
president also stressed the importance of establishing
integrated companies for the spinning and weaving
industry in new areas.
that his ministry’s strategy “focuses on the the
spinning and weaving industry as part of four main
“white gold,” Egyptian cotton is world famous for
producing extra long fibers, which are ideal material
for making soft and luxury fabrics and clothes.
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, Kabi said.
percent of the labor force are working in around 7,000
textile companies whose investments amount to 50 billion
dollars, he said.
to double cotton production to 1.4 million qintar (160
kg) in the 2017-18 fiscal year starting in July from a
year earlier. Cotton production in Egypt has declined
sharply since 2011 due to political turmoil.