President Abdel-Fattah El-Sisi meets with government officials in Cairo on Tuesday to discuss efforts to activate Egypt’s Commodity Exchange. Photo courtesy of the Egyptian Presidency's official Facebook page.
According to the Egyptian presidency, the exchange ensures "fair prices for strategic commodities, protects producers and consumers, supports the local agricultural and industrial sectors, and improves commodity trading mechanisms to regulate markets and enhance pricing transparency."
Prime Minister Mostafa Madbouly, Minister of Supply and Internal Trade Sherif Farouk, Minister of Agriculture and Land Reclamation Alaa Farouk, Presidential Adviser for Urban Planning Major General Amir Sayed Ahmed, and Executive Director of "Egypt's Future Authority for Sustainable Development" Colonel Bahaa El-Ghannam attended the meeting.
The discussions centred on the Egyptian Commodity Exchange's role in facilitating the import and export of agricultural products, processed food items, animal feed, fertilizers, pesticides, and veterinary medicines to enhance economic integration, food security, and market regulation.
According to the Egyptian presidency, "The Commodity Exchange will support farmers and traders by simplifying market access, reducing supply chain inefficiencies, and implementing new mechanisms that benefit small-scale producers and farmers."
The statement added that the exchange will also serve as a unified platform for export and import policies, fostering increased trade and helping to develop a new generation of exporters by promoting their products in international markets.
Moreover, the participants in the meeting reviewed successful international models of commodity exchange management and explored strategies to adopt best practices for stabilizing domestic markets.
They also addressed optimal utilization of Egypt's existing infrastructure, such as advanced storage silos and modern refrigeration facilities, to minimize waste and ensure product quality.
In addition, the participants assessed Egypt's strategic stockpile of essential goods in coordination with the Future of Egypt Authority, underscoring the importance of maintaining secure reserves of key commodities and intensifying efforts to expand strategic stockpiles.
For his part, El-Sisi emphasized the need for government entities to coordinate effectively to meet the state's strategic needs.
He also highlighted the importance of reinforcing "Egypt's role as a regional hub for agricultural trade" while advocating for greater alignment between domestic production and market demands to strengthen the competitiveness of local farmers and producers.
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