Minister of Public Business Sector Hisham Tawfik and Minister of Trade and Industry Neveen Gamea reviewed preparations for implementing the government’s new cotton trading system during the 2022-2023 harvest season, to start in September.
Over the past three years, the new system has contributed to improving cotton trade by ensuring cotton cleanliness, price transparency, while linking domestic prices with global markets and setting fair prices for farmers, Tawfik said during a meeting with Gamea on Saturday 30/07/2022, in the presence of representatives of the agriculture ministry.
He noted that the Misr Cotton Trading and Ginning Company, an affiliate of the Ministry of Public Business Sector, will continue to be responsible for following up adequate implementation of the new system during the 2022-2023 harvest season, but this task will then be entrusted to an entity affiliated with the trade ministry as of the following season.
Tawfik also discussed efforts to digitize cotton trading by listing cotton transactions on the commodity exchange, in cooperation with the Egyptian Stock Exchange.
Meanwhile, Gamea said relevant executive committees, which will include representatives of the three ministries, will continue to follow up the application of the new trading system, which plays an important role in securing supply of raw materials and high-quality production inputs that meet the needs of the national weaving and textile industry.
Source: State Information Service Egypt