The minister made this during a grain event in the Russian city of Sochi.
Farouk said that Egypt has a comprehensive strategy and ambition to transform the country into a center for storing and processing grain crops, as well as trading grains throughout the Middle East, Africa and other regions.
“In this context, Egypt now wants to establish a global grain center,” Farouk added, noting that the project will include modern silos, transportation systems, and processing and storage facilities.
He stated that the Egyptian and Russian commodity exchanges could cooperate in modernizing the grain trade infrastructure in Egypt, setting pricing standards and ensuring the transparency of the supply chain.
“Egypt will continue to strengthen its relationship with Russia in developing grain tracking systems. All these efforts will help us improve transparency and flexibility in the strategic commodity market,” Farouk said.
