New transport entity formed after merging of 3 companies- minister

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Tue, 30 Jun 2020 - 01:29 GMT

FILE - Minister Hesham Tawfik

FILE - Minister Hesham Tawfik

CAIRO - 30 June 2020: Minister of Public Business Sector Hesham Tawfik said putting into force law 203/1991, which was approved by the House of Representatives, would enable companies affiliated to the Ministry of Transport to work properly and enable the workers to have annual profits ranging between 10-12 percent.

In statements during a webinar with the Egyptian Businessmen Association members, he hailed efforts exerted to develop the textile industry plan which cost EGP 21 billion, pointing out that a new system will be applied to cotton trade through receiving cotton directly from farmers without agents.

The minister added that a new transport entity has been formed after merging three companies to support Egyptian products and promote foreign trade, in cooperation with the private sector.

On developing cotton gins, the minister said the first modern gin has been operated in Fayyoum and that
six others will be developed by the end of this year to restore the prestige of Egyptian cotton to increase the exports of ready-to-wear clothes and textiles.

He said the ministry successfully tested cultivating 250 feddans of long-staple cotton in east Owayinat under the supervision of the Ministry of Agriculture and Land Reclamation.

On the automobile industry, the minister said his ministry was keen on reviving the activities of “Al Nasr Automotives” company with producing electric cars coping with modern age and that a memo of understanding was signed with a Chinese company to produce 25,000 cars annually.

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