Minister of Supply Khaled Hanafy signed a memorandum of understanding with John Baird, Canadian Minister of Foreign Affairs, Trade and Development to increase cooperation in areas of supply, storage and distribution of food products in Egypt. The memorandum is additionally set to attract international investment to set up modern logistical storage centres for food commodities, silos and developed distribution networks in Egypt. Hanafy said in a press statement Wednesday that the memorandum of understanding will lead to strengthening the Canadian-Egyptian trade relations in the fields of trade, services, investment and exchange of experiences for the establishment of an Egyptian commodity exchanges. Hanafy added that memorandum will contribute in removing obstacles facing joint trade in food products and encourage public and private entities in both countries to invest in the domestic trade sector in Egypt. "The memorandum will also create new markets and develop random markets in order to provide goods in large quantities, high quality and discounted prices for citizens, moreover, provide thousands of jobs," said Hanafy. Hanafy stressed that the memorandum comes within the framework of Egypt's plan to build projects in the Suez Canal, such as ports, modern storage areas for food and a logistics centre for grain and food products, which will be established in Damietta. Further, it will activate the joint trade connections among Egypt, Middle East, Africa and Europe. The logistics centre for grain and food commodities in Damietta is set to be established with a cost up to EGP 45bn ($ 6.3bn), including establishing five industrial investment zones for grains and food commodities with a total land use of 1.7m metres. The project will be implemented within three years.
