Egypt is advancing plans to modernise the state-owned Holding Company for Cotton, Spinning, Weaving, and Clothing, seeking to boost private sector involvement in its operations and management to restore the global standing of Egyptian cotton, Prime Minister Mostafa Madbouly said on Monday.
During a meeting at the government headquarters in New Alamein City, Madbouly reiterated that President Abdel Fattah Al-Sisi and state agencies are closely monitoring the sector’s development. The government aims to maximise the use of the industry’s existing capabilities while enhancing the private sector’s contribution to its management and operation.
Deputy Prime Minister for Economic Affairs Hussein Issa reviewed the executive status of the national development project. He detailed the outcomes of recent meetings and field visits designed to track the execution rates of the project’s various components.
The revamp is being implemented through integrated plans based on modern foundations to raise the efficiency of affiliated companies, increase production rates, and enhance the competitiveness of their products in local, regional, and international markets, Issa said.
Assistant Prime Minister and CEO of the State-Owned Enterprises Unit Hashem El-Sayed, alongside Holding Company Chairman Ahmed Shaker, outlined steps being taken to adopt the latest industry technologies. The technological upgrades aim to restore Egypt’s historic position in the sector, open new global markets, and double the export rates of national products.
The meeting was also attended by Assistant Minister of Investment and Foreign Trade Saeed Arafa. Minister of Electricity and Renewable Energy Mahmoud Esmat and Minister of Investment and Foreign Trade Mohamed Farid Saleh participated via video conference.
