Egypt’s Leader Discusses Innovations in Commodity Exchange for Food Security

(3 Minutes Read)

Egyptian President Abdel Fattah Al-Sisi convened with senior government officials to discuss the activation of the Egyptian Commodity Exchange to improve food security and ensure a steady supply of essential goods at affordable prices. 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

The meeting, held on Tuesday, included key figures such as 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 Bahaa El-Ghannam, head of the Mostakbal Misr Agency for Sustainable Development.

The discussions centered on establishing fair prices for key goods, safeguarding the interests of producers and consumers, bolstering the local agricultural and industrial sectors, and enhancing commodity trading processes to improve market regulation and price transparency, as stated by the President’s office.

Ambassador Mohamed El-Shenawy, the official spokesperson, noted that the meeting outlined the role of the Commodity Exchange as a platform for the import and export of crops, manufactured food products, feed, fertilisers, pesticides, and veterinary medicines, aiming to promote integration and food security.

The exchange is set to assist farmers and traders by improving market access and streamlining supply chains, with a focus on benefiting small producers through innovative operating mechanisms. It will also unify import and export policies, enhance Egypt’s trade activities, and foster a new generation of exporters through initiatives that support their products.

Additionally, the meeting explored successful global examples of commodity exchange management to identify best practices for regulating domestic markets. There was also discussion on optimizing existing infrastructure, such as modern silos and advanced refrigeration, to minimize waste and maintain product quality.

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The status of strategic reserves for goods and food was addressed in collaboration with the Egypt Future Agency, highlighting the importance of maintaining safe stock levels and increasing reserves, particularly for essential commodities.

The President emphasized the necessity of collaboration among various government bodies to meet the nation’s strategic needs, contributing to food security and strengthening Egypt’s role as a regional trade hub for agricultural commodities. He underscored the importance of aligning local production with market demands to support and enhance the competitiveness of local farmers and producers.