Business Hub – Cairo:
Hisham Tawfik, Minister of Public Business Sector, Nevin Gamea, Minister of Trade and Industry, Held a meeting to discuss preparations for the implementation of the cotton trading system for the new season 2022/2023, which begins next September. In the presence of representatives of the Ministry of Agriculture and Land Reclamation.
Hisham Tawfiq, Minister of Public Business Sector, confirmed, The new cotton trading system has achieved many successes over the past three years, It contributed significantly to improving the cotton trade and its cleanliness and achieving full transparency in setting cotton prices and linking them to international prices. In addition to achieving a fair price for the distributors.
He explained that the Ministry of Public Business Sector, through its subsidiary Misr Cotton Trading and Ginning Company, will complete the follow-up to the implementation of the system in the new season 2022/2023, provided that this task will be transferred to one of the agencies affiliated with the Ministry of Trade and Industry starting next year.
Tawfiq referred to the ongoing efforts to switch to electronic trading by listing cotton on the Commodity Exchange. In cooperation with the Commodity Exchange and the Egyptian Stock Exchange, Where the cottons are received from farmers – according to the system – in collection centers in the administrative centers in the governorates, and weighing and sorting operations are carried out, The auctions are then held electronically through the exchange’s screens.
For her part, Minister of Trade and Industry Nevin Jameh stressed the ministry’s keenness on the stability of the cotton trading system in Egypt, especially in light of the positives achieved by the cast-cotton trading system that was circulated to all governorates of the Republic during the 2022/2021 season, after its success since the beginning of its application in maintaining the quality of Egyptian cotton and obtaining Farms at the highest price according to international cotton prices and the relative advantages of Egyptian cotton.
She pointed out that it was agreed to continue the work of the Executive Committee concerned with following up the implementation of the cotton trading system, which includes representatives from the ministries of trade and industry, the public business sector, agriculture and land reclamation, for the new season, which begins on the first of next September.
The minister pointed to the important role of the cast-cotton trading system in providing high-quality raw materials and production inputs that meet the needs of the national spinning, weaving and ready-made garments industry, and in a way that contributes to meeting the needs of the local market.