Egyptian Prime Minister Moustafa Madbouli agreed on Wednesday to set a price guarantee for cotton that should be supplied to the government in 2023.
The agriculture minister suggested that the government put at LE5,500 and LE4,500 the guarantee prices for each one quintar of long-staple cotton and each one quintar of medium-staple cotton respectively.
This should be the minimum price of cotton supplies, said Cabinet spokesman Nader Saad.
The decision is meant to support Egyptian farmers and enhance the contract farming system.
Prime Minister Madbouli announced that an international press conference will be organised within days for Egyptian and foreign media outlets and representatives to explain in details factors related to the economic situation.
During the weekly Cabinet meeting on Wednesday, the prime minister lauded important decisions President Abdel Fattah El Sisi announced during Egypt’s celebrations of the Labour Day to serve the interests of Egyptian workers, who bear on their shoulders the responsibility of building the nation.
In the meantime, Madbouli voiced his deep appreciation of all efforts exerted by labourers in support of the development of industry in the country.
The premier lauded the outcome of a recent Egyptian-Japanese Business forum, as he stressed Egypt’s welcoming of Japanese investments in Egypt.
Madbouli referred to a number of co-operation agreements signed during an Egyptian-Austrian Business Community, held in Cairo, in April to boost bilateral economic cooperation in the various spheres.
The prime minister also reviewed the outcome of a tour he embarked upon Saturday, during which he visited a number of industrial projects in the 10 Ramadan City and Obour City.
