The Egyptian Government has set out plans to invest around EGP24bn (US$1.34bn) in modernising the state-owned textile sector.

The plan includes modernisation of the state-owned Cotton and Textile Industries Holding Company and more than 30 other affiliated companies, under the supervision of the Ministry of Public Enterprise Sector, according to Egypt Independent.

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It is understood Ahmed Mostafa, head of the state-owned Cotton and Textile Industries Holding Company, has begun evaluating a large number of its land plots, through government assessment bodies, in preparation for potential sales and to provide the necessary funding to implement the modernisation plan.

Up to EGP24bn has been allocated for the modernisation plan, but this could increase.

According to Egypt Independent, the Minister of Public Enterprise Sector, Ashraf al-Sharkawy, has held meetings with ministers of agriculture and industry to reach an agreement on cotton policies and agriculture that will help develop the textile industry in general.

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“We are in the process of developing the cotton ginning facilities and reducing the number from 25 to 11, to be located in governorates that cultivate cotton,” he said. “The equipment will be modernised to the highest level of technology and efficiency, with the training of workers, and then the development of spinning and weaving stages.”

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According to research carried out by independent US-based marketing agency PBM earlier this year, Egyptian cotton is the most recognised cotton brand in the US, with it topping the poll on quality for consumers.

The Cotton Egypt Association unveiled a new brand identity and digital platform this year to re-enforce Egyptian Cotton as the finest cotton in the world.