According to Egypt’s Al-Ahram newspaper, the Egyptian government recently decided to close the Alexandria Cotton Trading Market and has submitted this decision to the Egyptian People’s Assembly for review. The report also quoted a person from the Egyptian People’s Assembly as saying that all walks of life in Egypt support the government’s decision and that the People’s Assembly will formally approve the cancellation of the trading market in July.
The Alexandria Cotton Trading Market was established in 1863 and was once an important raw material trading market in the Middle East. In 1961, Nasser’s government decided to close the market when it implemented a nationalization policy.
In 1994, with the help of the International Monetary Fund, the Egyptian government reopened the market. In recent years, Egypt’s domestic cotton production has declined and domestic demand has continued to increase, resulting in a sharp decline in cotton exports and the Alexandria cotton trading market has been idle. Egypt decides to close Alexandria cotton trading market
