We are open to partnering with the private sector to achieve integration
A new brand of Egyptian products inspired by ancient Egypt for the company “nit”.
Business Hub _ Cairo
Hisham Tawfiq, Minister of Public Business Sector, confirmed, That the ministry is keen and open to partnership with the private sector and achieving integration, This is due to the belief in the importance of the role of the private sector, which is an essential partner in achieving economic development. As well as his competence in business management.
The minister explained, During his meeting with the French Chamber of Commerce and Industry in Egypt, That there are many models of partnership with the private sector in the projects implemented by companies affiliated with the Ministry, As well as offering the ministry many opportunities for investment and partnership.
Tawfiq reviewed the axes of the ministry’s work plan in reforming and restructuring its subsidiaries. Including administrative and legislative reform, The Public Business Sector Law was amended to achieve more governance and transparency. and development of organizational structures and chart of accounts, Preparing integrated work regulations in accordance with international best practices in various activities, As well as procedures for automating work systems using the ERP system in about 71 affiliated and holding companies, and evaluation of corporate management, Preparing a unified database of experts in different sectors to be used in selecting board members, and making good use of the untapped assets owned by the subsidiaries to provide the necessary financing for the development of the companies as well as the repayment of historical debts, Where the use of about 178 plots of land has been changed from industrial to mixed residential to maximize the returns generated from them.
On technical structuring and corporate development, Tawfiq affirmed that the Ministry of Public Enterprise Sector spares no effort to reform and advance its affiliated companies. Pointing to the huge and ambitious project to develop the spinning and weaving sector and the importance of this industry to the national economy, Starting from the cultivation, trade, and ginning of cotton, through spinning, weaving, dyeing and finishing, to ready-made garments, trade and export, The development includes about 65 buildings, including factories, warehouses, power stations, utilities, and others, in addition to supplying the latest machines from major international companies in Europe and Japan.
In this context, The minister pointed out that Egypt has been a pioneer in the textile industry for thousands of years, as there was a goddess of weaving in the ancient Egyptian civilization called “nit”, a name that was chosen to be a new and unified brand for the products of the ministry’s spinning and weaving companies. Whereas, the task of selling, marketing and managing supply chains has been entrusted to a newly formed company for this purpose called ECH (Egyptian Cotton Hub), It is scheduled to open the first 3 branches for local sale before the end of June 2022 in Korba, New Cairo and Alexandria. This is within a modern sales network and marketing mechanisms locally and globally. And the addition of a new range of products with the help of European designers.
With regard to the efforts exerted in regulating and improving the cotton trading system, The minister explained that a new system was established based on selling through auctions between trading companies. It is scheduled to be automated next season, to be traded electronically through the Commodity Exchange. In addition to working on opening new sources of short staple cotton, And the experiment of cultivating short-staple cotton in East Owainat, which achieved success last year, as the cultivated area is increased this year, in order to contribute to reducing Egypt’s import bill of short-staple cotton and its products, which amount to about $3 billion annually.
Operation of 6 overseas branches of “Jusoor” before the end of June
In his speech, the Minister mentioned, To “Jusoor” Company, the new form of Al-Nasr Export and Import Company, Under the slogan “Cross the World”, Where a new business model has been developed based on mediation, marketing, providing logistical services to dealers in foreign trade, and encouraging small producers to export their products.
He explained that an electronic platform has been developed that contains an electronic catalog to display the Egyptian products that can be exported and their inputs of raw materials to be imported, in addition to providing transport and logistics services in cooperation with major international companies. And other banking and insurance in cooperation with the National Bank of Egypt and the Misr Insurance Company affiliated to the ministry.
Tawfiq added that the map of the company’s foreign branches was reviewed to include not only the African continent, but also various global markets. To open 16 offshore centers, including two in East Africa belonging to a joint company, With the selection and appointment of local managers of the centers with the required competence, Their role is to provide the company’s services to major wholesalers in the center country and the surrounding countries (nearly 40 countries).
He pointed out that the final form of the catalog is currently being finalized in conjunction with the imminent opening of 6 branches in Cameroon, Ghana, France, Dubai, China and Sudan. In preparation for its operation before the end of June 2022, The opening of the remaining branches will be completed before the end of the current year 2022. Pointing out that so far, the data of about 1,120 companies, with a total of 18,000 products, has been collected on the electronic catalog.