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Egypt, the biggest buyer of Russian wheat, wants to create a global grain trading and storage hub, Supply Minister Sherif Farouk said on Friday. He made the remarks at a grains event in the Russian city of Sochi.
Farouk said Egypt is pursuing an ambitious and comprehensive strategy to turn the country into a centre for storing, processing and trading grain across the Middle East, Africa and other regions. He said the plan reflects Cairo’s wider effort to strengthen its role in a strategic commodity market.
The project would include modern elevators, transport systems, and storage and processing facilities. Farouk said these investments are meant to improve the movement of grain and support a more efficient supply chain.
He also said Egyptian and Russian commodity exchanges could work together to modernise Egypt’s grain trading infrastructure. That cooperation would help develop pricing benchmarks and improve transparency in the market.
Farouk said Egypt will continue strengthening its relationship with Russia on grain tracking systems. He said the overall goal is to make the market more transparent and resilient.
