Egypt's commodity exchange (EGYCOMEX) will start operations with trading in cotton starting next year, Public Enterprise Minister Hisham Tawfik announced on Monday. Some 160 cotton collection points, including 21 across cities in Upper Egypt and 181 in Lower Egypt, were chosen, prior to the harvest time across the country for farmers wishing to offer their harvest on EGYCOMEX, Tawfik added. The minister further said the Egyptian commodities exchange had already trial operations for two years. During a symposium held by the Egyptian Businessmen Association (EBA), Tawfik said that the country is investing more than 21 billion Egyptian pounds ($1.3 billion) to upgrade the spinning and weaving sector. The ministry's plan includes merging 23 spinning and weaving companies into eight entities, along with merging cotton trading and ginning companies into one, he noted. Last month, Ibrahim Ashmawy, EGYCOMEX head, said the commodities exchange is set to start full operations in the first quarter of 2022, having in its agenda to trade in wheat, iron, gold, cotton, grains, frozen poultry, and sugar.
