CAIRO - 5 June 2024:The Egyptian government set a new target to decline importing wheat by 17 percent, to stand at 5 million tons, compared to the previous goal of 6 million tons, Minister of Supply and Internal Trade, Ali Al-Moselhi stated during an interview with Asharq Bloomberg.
This decision was primarily driven by an increase in the domestic supply target, which has been raised to 3.7 million tons for the current season, surpassing the previous target of 3.5 million tons.
In 2023, Egypt experienced surge in wheat imports, reaching a total of 11 million tons, compared to 9.6 million tons in 2022.
Out of this quantity, approximately 5 million tons were allocated for governmental purposes, with the remainder intended for the private sector.
In an effort to strengthen its position in the global grain market, the Egyptian Holding Company for Silos and Storage (EHCSS) has initiated discussions with the Russian government regarding the establishment of a grain center in Egypt's East Al-Tafria area in Port Said, Al-Moselhi added.
This strategic partnership aims to position Egypt as a pivotal grain export hub, facilitating collaboration with Russia in both supplying grains to Egypt and leveraging Egypt's resources for exports.
Minister of Trade and Industry, Ahmed Samir, informed the Russian Information Agency that an Egyptian company has submitted a comprehensive feasibility study to the Russian government, outlining the proposed construction of a grain center in Egypt.
Currently, Egypt has already accumulated 3.4 million tons of locally produced wheat and is actively working towards achieving the revised target, as confirmed by the Minister of Supply.
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