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President Abdel Fattah El-Sisi held a meeting with Prime Minister Mustafa Madbouli, Minister of Supply and Internal Trade Sherif Farouk, Minister of Agriculture and Land Reclamation Alaa Farouk, Presidential Advisor for Urban Planning Amir Sayed Ahmed, and Head of the Future of Egypt Authority for Sustainable Development Bahaa El-Ghannam.

Presidency Spokesman Mohammad El-Shennawi stated that the meeting reviewed the government’s efforts to activate the Egyptian Commodity Exchange to achieve its strategic goals, which include achieving food security, ensuring a sustainable supply of essential goods at affordable prices, and protecting both producers and consumers. This is in addition to supporting the local agricultural and industrial sectors, and enhancing market transparency by regulating commodity pricing and trading mechanisms.

The discussion focused on the specifics of the Egyptian Commodity Exchange, including its role in facilitating the import and export of agricultural commodities, processed food, feed, fertilizers, pesticides and veterinary medicines, in order to improve integration and food security and streamline related mechanisms.

The Commodity Exchange is also expected to support farmers and traders by facilitating market access, reducing supply chain complexities, and benefiting small-scale producers through new operational frameworks.

Additionally, it will unify export and import policies under one umbrella, boost Egypt’s trade performance, and foster a new generation of exporters by providing promotional and logistical support.

The meeting reviewed successful international experiences in the management of commodity exchanges, and ways to benefit from best practices to ensure the regulation of the domestic markets.

Discussions also tackled ways to leverage available infrastructure, such as modern silos and advanced storage refrigerators so as to reduce waste and ensure product quality.

Furthermore, the strategic stock of essential goods was examined in coordination with the Future of Egypt Authority. The meeting reaffirmed the commitment to maintaining secure reserves of key commodities and expanding Egypt’s food supply capacity, particularly for strategic goods.

President Sisi emphasized the vital importance of collaboration and integration among the various government authorities to meet the state’s strategic needs, thereby achieving food security and strengthening Egypt’s position as a regional hub for agricultural commodity trade.

The President also stressed the need to align local production with market demands so as to empower local farmers and producers and boost their competitiveness.

Source: The Egyptian Gazette ​