New cotton auction system to be mandatory for private sector

Private companies will be forced to participate in a new cotton auctioning mechanism that could be rolled out nationwide for the 2020/2021 harvest season, head of state-owned Cotton and Textile Industries Holding Company Ahmed Moustafa said, according to Masrawy. The public auction system was trialed in Fayoum and Beni Suef this year, and proved controversial with private companies which complained about the high prices.