The Egyptian Ministry of Supply and Internal Trade announced on Monday a significant investment of 2.6 billion Egyptian pounds for a project in East Port Said that targets the localisation of the grain silo industry. In a recent meeting with Feerum Egypt representatives, Minister Sherif Farouk reviewed the progress and implementation phases of the major grain silo project. The project is expected to create approximately 250 direct jobs and numerous indirect ones, boosting investor confidence in the region, Minister Farouk said. It also aims not only to curtail reliance on foreign imports by providing necessary spare parts for existing silos locally, but also to propel Egypt towards a robust export-oriented position. Besides bolstering national food security, the project aligns with the Egyptian government's strategic vision for the development of the grain silo and components industry, fostering the creation of sustainable and high-calibre job opportunities. In March, Prime Minister Moustafa Madbouly witnessed the signing ceremony of a memorandum of understanding (MOU) to allocate a land for the establishment of a factory for designing, manufacturing, and constructing grain silos, their components, and accessories, in the East Port Said Industrial Zone, in a move poised to significantly transform Egypt's grain storage landscape. The project will be in the industrial area in East Port Said, spanning a total area of 51,950 square metres. Feerum Egypt for Silos and Storage is a joint venture between the Egyptian Holding Company for Silos, Samcrete Silos, East Port Said Development, and Feerum S.A., a Polish company specialised in the design, manufacturing, construction, and operation of grain silos. This initiative will be part of boosting Egypt's grains storage capacity from 3.4 million tons to 6 million tons. Attribution: The Egyptian Cabinet Subediting: Y.Yasser
