MP Salah Issa will meet with Chairman of Misr Company for Spinning and Weaving Ahmed Mustafa Tuesday to follow up on the restructuring process and development of the company’s subsidiaries, Issa told Daily News Egypt.
Issa, who heads the committee for temporary workers in the parliament, said: “The parliament will provide all the needed support to the textile industry to restore its position among the most important of Egyptian industries, and urges the government to provide financial or technical support.”
He said a firm plans to complete the restructuring and development of 25 subsidiaries of the holding company by the end of this year.
Mustafa said in a statement the holding is preparing a set of demands to be discussed Monday with members of the parliament during their visit to the company.
“These demands are necessary to protect the local industry from the unfair competition with the subsidised imports,” Mustafa said, noting that the government should increase customs tariffs on imports.
He said the current tariffs on yarn and tissue do not provide any protection for the local industry, further highlighting the need to combat smuggling through free zones.
