Egypt’s President Al-Sisi Discusses Activation of Commodity Exchange for Food Security
President Abdel Fattah Al-Sisi held a meeting to discuss the activation of the Egyptian Commodity Exchange, aimed at bolstering food security and regulating commodity trading. Key officials addressed the importance of fair pricing, supporting local farmers, and improving market access. The exchange aims to integrate local production with market requirements and enhance Egypt’s role in agricultural trade.
Egyptian President Abdel Fattah Al-Sisi convened with high-ranking officials to discuss activating the Egyptian Commodity Exchange, a strategic move aimed at bolstering food security and ensuring the sustainable provision of essential goods at equitable prices. The Tuesday meeting was attended by Prime Minister Mostafa Madbouly, Minister of Supply and Internal Trade Sherif Farouk, Minister of Agriculture Alaa Farouk, among others.
The discussions centered on maintaining fair prices for strategic commodities, safeguarding both producers and consumers, and enhancing mechanisms for commodity trading. These efforts are geared toward regulating markets and increasing pricing transparency, as stated by the President’s office.
Ambassador Mohamed El-Shenawy, the official spokesperson, detailed the discussions regarding the Commodity Exchange’s role in facilitating the import and export of crops, foodstuffs, and essential agricultural inputs. This initiative aims to ensure food security while controlling related mechanisms comprehensively.
Additionally, the exchange is designed to support farmers and traders by improving access to markets and minimizing supply chain inefficiencies. It is expected to offer new operational methods benefiting small producers and unify the export and import policies, thus fostering an increase in Egyptian exports and developing a new generation of exporters.
The meeting also explored successful international models of commodity exchanges, with a focus on adopting best practices for better domestic market regulation. Consideration was given to utilizing existing infrastructure, such as modern silos and advanced refrigeration systems, to mitigate waste and maintain product quality.
Furthermore, attention was drawn to the status of strategic reserves in collaboration with the Egypt Future Agency. The necessity of ensuring safe stockpiles of various goods and enhancing reserves of strategic commodities was underscored.
President Al-Sisi emphasized the importance of inter-agency coordination to meet the state’s strategic needs, thereby contributing to national food security and reinforcing Egypt’s role as a regional hub for agricultural trade. Furthermore, he highlighted the integration of local production with market demands, which supports local farmers and enhances their competitive edge.
In conclusion, President Abdel Fattah Al-Sisi’s meeting highlighted the critical intentions behind activating the Egyptian Commodity Exchange. By focusing on ensuring fair pricing, enhancing commodity trading mechanisms, and addressing the storage infrastructure, the initiatives aim to improve food security and support both producers and consumers. These efforts collectively contribute to positioning Egypt as a vital trade hub in agricultural commodities, thereby strengthening its economy.
Original Source: www.dailynewsegypt.com
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