Indian company to develop Egypt's cotton ginning with $2.3M - News Summed Up

Indian company to develop Egypt's cotton ginning with $2.3M


Farmers harvest cotton in a field of San El Hagar village in the province of Al-Sharkia northeast of Cairo, Egypt October 18, 2016- ReutersCAIRO - 3 January 2018: "The Cotton and Textile Industries Holding Company signed a $2.3 millioncontract with Indian companyBajaj Clothing to automate the process of cotton ginning systems of the company," Minister of Public Business Sector Ashraf el-Sharkawy said Wednesday.Under the contract, the automatic ginning devices will be supplied to Misr Cotton Ginning's factory in Fayoum, to enter operations before August 2018.The new contract comes under the framework of developing 11 cotton ginners in Egyptian governorates. "Indian companies are interested in boosting investments in Egypt to reach $6 billion by 2020,"KhaledAbulMakarem, head of the Egyptian-Indian Business Council said in September.As part of this, New Delhi-based Classic Fashion clothing company said in July that it is planning to launch new fabrics project in the Egyptian market with LE 1 billion in capital.Trade exchange between Egypt and India jumped 11.8 percent to $1.421 billion in the period between January to May 2017, compared to $1.270 billion in the corresponding period in 2016.Egyptian cotton is world famous for its high quality and its long fibers that produce a light durable fabric with a soft touch.Egypt’s cotton exports went down 38.4 percent in the fourth quarter of the agricultural season 2016/2017, from June to August 2017, standing at 86,000 qantar (157.7kg), compared with around 140,000 qantar in the same period in 2016.


Source: Egypt Today January 03, 2018 11:48 UTC


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