Cotton to trade on Egypt's commodity exchange in 2022

Egypt is developing the spinning and weaving sector with investments exceeding $1.33bln

  
Thoraya, 80 years old farmer harvests cotton for 5 $ per day in a field in the province of Al-Sharkia northeast of Cairo, Egypt, October 15, 2020.

Thoraya, 80 years old farmer harvests cotton for 5 $ per day in a field in the province of Al-Sharkia northeast of Cairo, Egypt, October 15, 2020.

REUTERS/Mohamed Abd El Ghany

Cairo – Egypt's Minister of Public Business Sector, Hisham Tawfik, said that cotton will be traded on the commodity exchange starting from 2022.

During a symposium held by the Egyptian Businessmen Association, Tawfik said that the country is developing the spinning and weaving sector with investments exceeding EGP 21 billion, according to a statement on Monday.

The ministry's plan includes merging 23 spinning and weaving companies into eight companies, along with merging cotton trading and ginning companies into one company, Tawfik noted.

As for the land transport sector, three passenger transport companies are merged into one company and five cargo transport companies into one company.

Moreover, foreign trade companies are also being merged, which will bring the number of companies affiliated with the ministry to 82.

On a side note, Tawfik said that the country is planning to establish 3,000 electric vehicle (EV) charging stations with 6,000 charging points over the next two years.

Source: Mubasher

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