The CEO of the Holding Company for Spinning and Weaving Ahmed Shaker, announced that the factories in Mahalla City constitute 45 percent of the national project for developing the spinning and weaving industry.
In a presentation on Saturday before Prime Minister, Mostafa Madbouly, held on the sidelines of the Prime Minister’s inspection tour of the national project for developing the spinning and weaving industry, Shaker explained that the cities of Mahalla and Kafr El Dawar represent 85 percent of the project, with investments of up to 1.1 billion euros – 640 million of which were allocated for equipment and machinery.
Madbouly is currently conducting an extensive field visit on Saturday to the factories of Mahalla Spinning Company.
The inspection tour follows the trial operation of several new factories, the efficiency improvement of existing ones, and the executive status of development projects, as part of the national project for developing the spinning and weaving industry, which aims to stimulate local production, increase competitiveness, and boost exports.
The spinning and weaving industry has been Egypt’s most famous industry since ancient times and is the second-largest industrial sector in Egypt after food industries.
It also plays a key role in shaping the Egyptian economy.
The industry has faced a number of challenges, prompting the state to exert efforts within its strategy aimed at developing the sector and taking serious steps to modernize this industry.
Egypt has begun to pay attention to cotton cultivation after it began to decline in recent years. Cotton production between 2014-2015 was 160,000 tons, then fell in 2015-2016 to 95,000 tons.
However, it rose again with the state’s renewed focus on cultivating Egyptian cotton in order to restore its leading role, reaching 258,000 tons in 2016-2017 and continuing to rise to 426,000 tons in 2017-2018.
Edited translation from Al-Masry Al-Youm
