The Egyptian Home Textile Export Council (HTEC) plans to start actual steps to form a company targeting promoting the country's home textile exports to African and Russian markets. This will be the first company of its kind to be formed by an export council following the recent amendments to a law related to exports development that give export councils legal status to form promotional firms, Saeed Ahmed, HTEC chairman, said Monday. Egyptian Cabinet approved earlier in April amendments to Law No. 155 for 2002, related to exports development, giving export councils legal status, instead of being only consultants to the Trade Minister. Following the law amendment, export councils are now eligible to open logistic centres, and have the right to open bank accounts, enabling them to be more effective abroad. The council will hold a meeting to determine the amount of the new company's capital and the actual steps in two weeks, Ahmed further told Amwal Al Ghad. HTEC seeks to increase its exports to $700 million at the end of 2017, higher by $100 million from last year, he added. The objectives of the new company will be in accordance with the Ministry of Trade and Industry's strategy to double exports by 2020 through implementing specific export plans and policies and targeting new export markets, notably in Africa, the Egyptian official stated.
