(MENAFN - Daily News Egypt) Egypt's Holding Company for Cotton, Spinning & Weaving has signed the first phase contracts for the supply of modern factory machines worth $270m, the company revealed on Monday.
The Minister of the Public Enterprise Sector, Hisham Tawfik, said that supporting spinning and weaving companies with the latest machines, that are up to international standards will support the development programme of the spinning and weaving industry, raising their quality and efficiency.
Accordingly, Ahmed Mustafa, chairperson of the Holding Company for Cotton, Spinning & Weaving, said that the development programme will have a great impact on the competitiveness and success of the Egyptian textile industry in the future.
The second batch contracts will be signed before August 2019 and the total value of contracts is $540m.
The signing came on the sidelines of the ITMA International Fair in Barcelona, Spain with seven Swiss, German, and Italian companies, which include Benninger AG, ITEMA, Karl Mayer, Marzoli, Reggiani, Rieter, and Savio. The supplied equipment includes spinning, weaving, dyeing, finishing and printing operations, provided that the machines are to be delivered during 2020-2021.
ITMA is the largest international exhibition for textile, dyeing, and finishing machines, which is held every four years, and it exhibits about 1,300 companies with the latest technology in the textile industry.
Noteworthy, the plan to develop textile companies also includes importing modern equipment, modernising infrastructure, and improving workers' efficiency.