Monday 23 May 2022
I wrote – Shaima Hefzy:
Hisham Tawfik, Minister of Public Business Sector, said that cotton will be traded in Egypt during the new season “electronically” through the Commodity Exchange.
The minister explained, during his meeting with the French Chamber of Commerce and Industry in Egypt, today, Monday, that a new system has been established based on selling through bidding between trade companies.
The minister indicated that work is underway to open new sources of short-staple cotton, and to experiment with short-staple cotton cultivation in East Owainat, which achieved success last year.
The minister said that the cultivated area is being increased this year, in order to contribute to reducing Egypt’s import bill of short-staple cotton and its products, amounting to about $3 billion annually.
The minister pointed to the development of “Jusoor” company, the new form of Al-Nasr Export and Import Company, under the slogan “We Cross the World”, where a new business model was developed based on mediation, marketing, providing logistical services to dealers in foreign trade and encouraging small producers to export their products.
He explained that an electronic platform has been developed that contains an electronic catalog to display the Egyptian products that can be exported and their inputs from the raw materials required to be imported, in addition to providing transport and logistics services in cooperation with major international companies, and banking and insurance services in cooperation with the National Bank of Egypt and the Misr Insurance Company affiliated to the ministry.
“Tawfiq” added that the map of the company’s external branches was reviewed to include not only the African continent but various global markets, so that 16 external centers were opened, including two in East Africa belonging to a joint company, with the selection and appointment of local managers for the centers with the required competence, whose role would be to provide the company’s services For major wholesalers in the center country and surrounding countries (nearly 40 countries).
He pointed out that the final form of the catalog is currently being completed in conjunction with the imminent opening of 6 branches in Cameroon, Ghana, France, Dubai, China and Sudan, in preparation for their operation before the end of June 2022, provided that the opening of the rest of the branches will be completed before the end of this year 2022, pointing out that so far it has been completed. Collecting data about 1120 companies with a total of 18,000 products on the electronic catalog.