Minister of Investment and Foreign Trade Hassan El-Khatib held a high-level meeting with the head of the Cotton Egypt Association and a number of its members to address the challenges facing Egypt’s cotton sector and explore ways to enhance its cultivation and export system.

Minister of Investment and Foreign Trade Hassan El-Khatib met with Executive Director of the International Cotton Advisory Committee (ICAC) Eric Trachtenberg to discuss enhancing cooperation in the cotton sector and supporting Egypt's spinning and weaving industry.

The Egyptian Ministries of Industries and Agriculture and Land Reclamation have signed a document on the second phase of the Egyptian Cotton project with the United Nations Industrial Development Organization (UNIDO).

Egypt’s imports of long-staple cotton declined by 15% to 97,000 tons during the 2023/2024 harvest season ended last September.

The Egyptian government is planning to cultivate up to 150,000 feddans of short-staple cotton within three years by adding 50,000 feddans annually, Minister of Public Business Sector Mohamed Shimy stated.

The Egyptian government has set a guaranteed price for the supply of cotton in the next season 2024/2025.

Egypt’s production of long-staple cotton declined by 32% during the 2023 harvest season to 85,000 tons, compared to 125,000 tons last year.

Egyptian cotton is among the agricultural contributors to the country’s economy, as "12% of Egypt's export earnings come from the textile industry," according to the Egypt Business Directory. Cotton farmed in Egypt is globally known for its high quality, especially long-staple cotton. The government has been increasing the added value of cotton by developing textile and spinning factories, and it is working on ensuring sustainability in cotton cultivation and industries.

The ministry said those actions were conducted in the governorates of Kafr El Sheikh, Sharkia, Dakahlia, Ismailia, Port Said, Qalyubia, Beheira, Damietta, Menoufia, Gharbia, Fayoum, Beni Suef, Assiut, Sohag, and Minya.

Arab Cotton Ginning Company’s (ACGC) consolidated loss after tax skyrocketed by 1,843% year-on-year (YoY) during the first half (H1) of the fiscal year 2022/2023, according to unaudited financial statements filed to the Egyptian Exchange (EGX) on Thursday. The company’s consolidated loss after tax ballooned to EGP 8.492 million in H1 2022/2023 from EGP 437,000 a year earlier.