Egyptian Textile Producers Ask The Government To Intervene.
An Egyptian
Spin
The producers asked the government to intervene in order to avoid competition growth caused by cheap cotton imported from countries such as Pakistan and India.
Egypt is famous for its high quality cotton production, but in recent years Egypt has increased its import of cheap cotton from the India subcontinent.
Arabia Poole Vera spinning and weaving company is one of the main textile factories in Egypt. The factory has been affected by this development, and its capacity has been cut by 1/3 in July 2011.
In the current fiscal year second
quarter
The company lost 20 million 100 thousand Egyptian pounds, and its revenue dropped by 35.3%.
Due to the current economic slowdown in Egypt, Vera's spinning and Weaving Co.
domestic
The market looks bleak.
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