Dr. Mohamed Farid:
- We believe that market stability begins with a balanced regulation of the import and export mechanisms.
Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade (MIFT Minister), held a meeting with officials from sugar production companies in Egypt to review the current market situation and explore ways to enhance the balance between local production and consumption requirements. In addition, the discussions focused on reviewing balanced import and export mechanisms using trade policy tools. This meeting is part of MIFT’s ongoing efforts to strengthen the organization and support of the local industry, ensure stable supply chains, and enable companies to achieve their goals through a trade policy that is both balanced and supportive of all stakeholders, with the national economy at its core.
The meeting was attended by Dr. Shehab Marzban, Chairman of the Board of Directors of Al Sharkeya Sugar Company; Dr. Kamel Abdallah, Chairman of the Board of Directors of Canal Sugar; Mr. Emad Farid, Chairman of the Board of Directors of Nile Sugar Company; and Mr. Mahmoud Fouda, Chairman of the Board of Directors of Savola.
Dr. Mohamed Farid Saleh emphasized that the State places strong emphasis on strengthening the value chain of strategic commodities, with sugar at the forefront, noting that the continuous coordination with the private sector is a key pillar to ensure uninterrupted production and product availability in the market.
Moreover, the Minister highlighted MIFT’s commitment to studying cost economics in the food industry to ensure the sustainability of production entities. The meeting reviewed changes in actual production costs affected by current pressures and discussed ways to achieve a strategic balance that safeguards the interests of both producers and consumers.
Dr. Farid stated: “Market stability begins with regulating import and export mechanisms.” He stressed the importance of supporting and localizing existing industries to enhance their added value in the agricultural and industrial sectors, while providing a transparent and clear investment environment for all parties.
The meeting also reviewed production developments within companies and discussed regulatory decisions governing the circulation and distribution of sugar in the domestic market. This is part of the government’s efforts to ensure that sugar is available in adequate quantities and to maintain a balance between production and consumption.
At the conclusion of the meeting, sugar company officials expressed their appreciation for MIFT’s partnership-oriented approach, emphasizing their full commitment to implementing recommendations that ensure supply stability and meet citizens’ needs.
The attendees also stressed the importance of the ongoing cooperation and coordination between MIFT and the private sector to enhance production sustainability and achieve the desired balance in the domestic market.
