EL SADAT CITY– Egyptian President Abdel Fattah El Sisi has stressed that the state is keen to commit to securing strategic stock of basic commodities, reassuring citizens on the availability of goods at markets.
Sisi’s remarks came on Thursday at a ceremony for opening the second stage of the Silo Foods Industries city in Sadat City in Menofiya governorate.
The state is committed to providing such strategic stock despite hard economic conditions and high costs, the president said, noting that the state also works on increasing the number of soybean-cultivated lands by some 250,000 feddans to limit cooking oil imports.
A total of 500,000 feddans will be cultivated next year to increase soybean cooking oil production.
The president directed to raise the stock of wheat, rice and corn to more than 6 million tons to serve Egypt and the region.
The government also works on encouraging investors to create logistic zones and bridging the gap resulting from the overpopulation over the past years.
He noted that a fertilisers factory will be opened next month.
He added that dlrs 100 billion is needed over seven years to cover the importation gap standing at dlrs 30 billion annually.
He stressed the state is ready to offer all needed facilitations to all investors inside or outside Egypt.
As for criticism levelled against the supply minister on his inability to control market, he said there are 30 commodity outlets affiliated to the ministry in addition to the outlets of the Armed Forces and the Interior Ministry to alleviate burdens on people.
He called on people to boycott merchants who raise prices without any reason until the market stabilises.
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