Egypt's PM, JICA chief discuss boosting investment, education ties at TICAD 9    Egyptian pound wavers vs. USD in early trade    SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt issues 15 rice export licenses
Published in Daily News Egypt on 16 - 11 - 2009

CAIRO: Egypt granted 15 companies rice export licenses, a trade ministry statement said Monday, with each license worth between LE 700 and LE 1,250.
This is the first bid for licenses since Minister of Trade and Industry Rachid Mohamed Rachid issued a decree in October allowing for the export of 100,000 tons of rice per month.
The 15 companies will export a total of 13,950 tons from December 1, 2009 and January 1, 2010. Other rice export license tenders are expected to follow soon, the statement read.
Under the amended rice export regulations, a total of 100,000 tons of rice will be exported monthly, and export licenses are issued following a closed-envelope bidding process with an export cap of 34,000 tons per license.
Egypt currently produces an average of 2 million tons of rice per year, the trade ministry said.
"Last year, the Egyptian government announced that it aims to decrease the agriculture and production of rice to around 1.3 million tons per year due to water constraints, the ministry added.
Along with increases in the price of rice to the consumer in the domestic market, the ministry banned rice exports in 2008, but amended the decision in 2009 to allow limited rice exports by producers supplying rice to the national subsidy program.
The new system is intended to put an end to an informal market for export licenses that emerged under the old system when some traders who did not export sold the licenses they obtained in domestic rice tenders to exporters, according to Reuters.
Local prices had tumbled as a result, as traders bid low in state tenders so they could secure lucrative export licenses to sell to others, Reuters reported. -Daily News Egypt


Clic here to read the story from its source.