Mahmoud Esmat, Minister of the Public Enterprise Sector, has witnessed the signing of a memorandum of understanding (MoU) between the Cotton, Spinning, Weaving and Garments Holding Company and Sudan’s Mahgoub Sons Group, to enhance bilateral cooperation in the production of short-staple cotton in Sudan and manufacturing it in Egypt.
The Ministry said, in a statement on Monday, that the agreement was signed by Wagdi Mahgoub, Chairperson of Mahgoub Sons Group, and Ahmed Moustafa, Executive Managing Director of the Cotton, Spinning, Weaving and Garments Holding Company.
Esmat said that the MoU signed between the two parties comes within the framework of meeting and securing the needs of the affiliated spinning and weaving companies of short-staple cotton which is imported from abroad, and the majority of the spinning and weaving factories depend on it locally and globally.
For his part, Wagdi Mahgoub stressed that his group intends to work to cover part of the Egyptian market’s needs with Sudanese cotton. He also expressed his happiness with the joint cooperation between the two parties.
According to the MoU, Mahgoub Sons Group will grow and produce Sudanese cotton for the Holding Company at prices to be agreed upon according to each season’s international prices. Some production lines will be made available in some of the holding company’s factories with specific capacities to operate for the Sudanese company for the different stages of production.