Sisi issues directives to develop spinning

President Abdel Fattah El Sisi held a meeting on Monday with Prime Minister Sherif Ismail, Trade and Industry Minister Tarek Kabi, Public Business Sector Minister Ashraf el Sharkawi and Agriculture Minister Abdel Moneim el Bana.
The meeting tackled means to develop and support the cultivation of cotton and advance the spinning and weaving industry in a way that serves the national economy, fulfills the needs of the local market and increases exports, presidential spokesman Alaa Yousef said.
The president has directed to set a reasonable price for the supply of cotton from farmers to encourage them to expand the cultivation of this vital crop during the coming years in order to cover the needs of the local market and exporting.
The president also stressed the importance of establishing integrated entities for the spinning and weaving industry in new areas.
The trade and industry minister said that his ministry’s strategy focuses on the the spinning and weaving industry as part of four main sectors.
This strategic sector contributes with 26.4 percent of the gross industrial product and with 7 billion dollars of exports, the minister said.
Also, 25 percent of the local labor are working in around 7,000 companies whose investments amount to 50 billion dollars, he added. 

Source: Mena