Minister: We focus on reforms of companies

CAIRO - 17 September 2018: Minister of Public Enterprise Sector Hisham Tawfik said the portfolio of the his ministry has 121 companies including eight holding ones.

In a press conference on Monday, the minister said 73 companies achieved profits estimated at LE 15 billion while 48 companies working in the fields of metallurgy, textiles, chemicals and pharmaceuticals suffered losses estimated at LE 7.5 billion.

Minister Tawfik pointed out that his ministry will focus during the coming months on plans of reforming the ailing companies to make them profitable.

He stressed the importance of backing the Cotton & Textile Industries Holding Co. to bring back the glory of the textile industry to Egypt, pointing out that an agreement was reached with the Ministry of Agriculture on producing short-staple cotton for the first time alongside the famed long-staple cotton to resuscitate the national textile industry