Egyptian President Abdel Fattah Al-Sisi met with key government officials to discuss efforts to activate the Egyptian Commodity Exchange, aiming to enhance food security and ensure the sustainable provision of essential goods at reasonable prices.
The Tuesday meeting included Egypt’s Prime Minister Mostafa Madbouly, 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 Mostakbal Misr Agency for Sustainable Development Bahaa El-Ghannam.
The discussions focused on ensuring fair prices for strategic goods, protecting producers and consumers, supporting the local agricultural and industrial sectors, and improving commodity trading mechanisms to regulate markets and enhance pricing transparency, according to a statement from the President’s office.
“The meeting covered the details related to the Egyptian Commodity Exchange, including that the exchange be a window for importing and exporting crops and manufactured foodstuffs, feed, fertilisers, pesticides, and veterinary medicines, to ensure integration and food security and control related mechanisms,” said Ambassador Mohamed El-Shenawy, the official spokesperson.
The exchange will support farmers and traders by facilitating access to markets and reducing supply chains, he added, and will benefit small producers and farmers through new operating mechanisms. It will also unify export and import policies under one umbrella, contribute to enhancing Egyptian exports and imports, and create a new generation of exporters through policies to promote their export products.
The meeting addressed successful international experiences in managing commodity exchanges and how to benefit from best practices to ensure the regulation of domestic markets. Discussions also took place regarding the optimal use of available infrastructure, such as modern silos and advanced storage refrigerators, to reduce waste and ensure product quality.
The meeting also addressed the status of strategic reserves of goods and food, in coordination with the Egypt Future Agency. Emphasis was placed on securing safe stocks of various goods and continuing efforts to increase reserves, particularly of strategic commodities.
The President stressed the need for coordination and integration between various government agencies to provide the state’s strategic needs, contributing to food security and enhancing Egypt’s position as a regional hub for trade in agricultural commodities. He also emphasised the need to integrate local production with market requirements, supporting local farmers and producers and increasing their competitiveness.
