Egypt Adopting Strategy to Restore Cotton Industry to Top of Global MarketSource: www.export-egypt.com 8/6/2019, Location: Africa |
|
|
|
|
|
Egyptian Minister of the Public Business Sector Hisham Tawfik has announced that Egypt is adopting a new strategy to restore its cotton industry to its place at the top of the global cotton market.
In a meeting with the heads of public and private cotton companies, Tawfik said that the new strategy involves implementing a new system for cotton trading which will be put in place on a trial basis in Fayoum and Beni Sweif governorates during the harvest season of 2019. "The new system, which costs EGP 8 million, has determined that 17 centres are to receive cotton crops directly from farmers with no intermediaries. Nine of [the centres] will be in Fayoum and the other eight in Beni Sweif. These centres will also provide farmers with special cotton packs as of 17 August to protect the crops from contamination," Tawfik clarified. Tawfik also said that sales will be through public auction and in accordance with the American long-staple and short-staple cotton prices, where farmers earn the highest revenue in line with international prices. Tawfik added that that system gives farmers the right to be paid 70 percent of the sales price in cash, and that the remaining 30 percent are to be paid within one week of the public auction. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
