The minister's statements came while attending the signing ceremony of seven contracts worth EGP 2.6 billion to establish new textile factories at Misr Spinning and Weaving Company in Mahalla and Damietta For Spinning & Weaving company in Damietta.

The contracts were signed between the Cotton & Textile Industries Holding Co. and Orascom Construction PLC.

The minister said signing the new contracts is part of a comprehensive plan to modernize the textile industry in cooperation with major companies.