(MENAFN- Daily News Egypt) Minister of Trade and Industry Tarek Kabil announced that textile exports achieved a significant increase of about 12%, while imports declined by 59% this year compared to the same period last year.
This came during the meeting with the board of directors of the Egyptian Chamber of Textile Industries (ECTI) in the Federation of Egyptian Industries (FEI).
He added that the current year witnessed new expansions in the cotton cultivation fields, explaining that they increased to 215,000 feddans from 120,000 last year.
Moreover, Kabil said the ministry is currently preparing a national strategy for the textiles, spinning, and ready-made clothing industry.
In the same context, he said that this strategy aimed at promoting the textile industries sector in Egypt in all stages of production from cotton cultivation until accessing the final product.
The ministry is also preparing a study to establish a 'new textile city' during the coming period, he said.
In another context, he said that the government is keen to upgrade this strategic industry to meet the needs of the local market and to promote Egyptian ready-made clothes to global markets.
Moreover, Kabil added that the ministry is exerting efforts to curb smuggling operations, which negatively impact the textile industry in Egypt.
In the same context, he pointed to the government's keenness to take all measures to eliminate these illegal practices.
He stressed that the chamber should adopt effective initiatives to increase investment and export rates within the textile sector during the coming period.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.