Egypt considers trading sugar on commodity exchange to bolster market stability
Egypt is considering trading sugar on its commodity exchange to enhance transparency, governance, and price stability. The move aligns with efforts to modernise sugar factories, expand beet and cane cultivation, and strengthen self-sufficiency, enabling stable supplies, strategic reserves, and reduced price volatility in the domestic market.
Egypt is studying the possibility of trading sugar on its commodity exchange to improve governance, transparency, and price stability, according to a statement from the Ministry of Supply and Internal Trade on Sunday.
The proposal was discussed during a meeting between Minister of Supply and Internal Trade Sherif Farouk, Minister of Agriculture and Land Reclamation Alaa Farouk, and Bahaa El-Ghannam, head of the Mostakbal Misr Authority for Sustainable Development. The officials met to coordinate a strategy for the sugar industry aimed at strengthening self-sufficiency in strategic commodities and securing the local market on a sustainable basis.
Sherif Farouk stated that the sugar industry is a priority strategic file for the state due to its direct impact on food security. He noted that the government is working to develop affiliated companies and modernise production lines at sugar factories to increase capacity and improve product quality. Achieving self-sufficiency would allow the state to build a “safe strategic stockpile” and curb price volatility for citizens, the minister added.
The Ministry of Agriculture is prioritising sugar beet and sugar cane by expanding cultivated areas and providing farmers with high-yield seeds and modern agricultural practices, according to Agriculture Minister Alaa Farouk. He emphasised the role of research centres in supporting these development plans in coordination with the Ministry of Supply and the Mostakbal Misr Authority.
Bahaa El-Ghannam, head of the Mostakbal Misr Authority, said the body is focusing on national projects linked to food security. He stressed that integration across the stages of agricultural production, manufacturing, and distribution is a “key pillar” for securing strategic commodity needs.
The meeting reviewed the current status of the industry and the challenges facing the system from agriculture through to distribution. Attendees affirmed they would continue periodic follow-up on the implementation of these outcomes to ensure the development of the sugar system and support state efforts toward sustainable food security.
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Source : Daily News
