Egypt, represented in Ministry of Supply, plans to present two projects with investments worth EGP 53 billion in the country's upcoming Economic Summit, minister Khaled Hanafy said on Sunday. The first project to be presented in the summit is the global logistics centre for the handling and storage of grain and food commodities in Damietta. It is one of many mega-development projects that will transform Egypt into a global grain handling, processing, and storing hub. The second project is the global trade city that seeks to allure international firms to produce and offer all the global brands. During the European Egyptian Business Council's meeting on Sunday, Hanafy added that the logistic centre is set to be built on a space of 3.350 million square metres, of which 500.000 metres fall within the boundaries of the Damietta Port. The remaining 2.79 million square metres comprise a portion of the untapped industrial area northeast of the port. The new center will help solve various challenges Egypt faced in implementing the logistics necessary to provide adequate grain storage. The project will also create better administration of the grains and food supply chain, integrate the supply chain—including various logistical hubs such as ports, storage, internal transportation, processing and redistribution—as well as enhance the free flow of trade and reduce the operating cost to the internationally acceptable levels. Combined, this will brandish Egypt as a global center for handling, storing, processing and expanding value-added activities related to grains. This includes the processing and packing of not only cereals but other commodities such as oil producing seeds, refining oil and raw sugar. About the global trade city project, the Egyptian minister said it would provide around 500.000 job opportunities.
