The Egyptian government has released a report detailing plans to achieve self-sufficiency in five strategic commodities. This is to be achieved by boosting its agricultural exports to $5.7 billion in the upcoming fiscal year, marking an increase of about 5.5% from the current year.
According to the “Al Arabiya” channel’s website, the Egyptian Ministry of Planning and Economic Development stated that this increase will bolster the role of the agricultural sector in Egypt’s non-oil exports by nearly 15%. The ministry anticipates growth in exporting surplus crops, such as vegetables and fruits, and enhancing promotion in traditional markets in Western Europe. These markets have shown an increasing demand for Egyptian agricultural products amid the ongoing crisis.
Simultaneously, Egypt aims to tap into promising new markets in Africa, East and South Asia, and some Latin American countries. This move comes especially after the growing interest in organic farming, both to preserve environmental integrity and meet sustainable development needs.
The report indicates plans to expand the cultivated area in the new fiscal year 2023/2024 to around 18 million acres. The strategy aims to extend wheat cultivation to 3.43 million acres, maize to 2.8 million acres, and broad beans to 220,000 acres. The plan seeks to increase self-sufficiency ratios for wheat and maize to 49%, broad beans to 30%, red meats to 70%, and fish to 98%. Surpluses are expected in various vegetable and fruit exports.
The General Authority for Supply Commodities, affiliated with the Egyptian Ministry of Supply, recently hinted at the potential of Egypt exporting Russian wheat in the future. The Authority informed “Sputnik” about the possibility of expanding the purchase of more Russian wheat and exporting it to neighboring countries if Moscow invests in establishing a global logistics center in the Suez Canal’s economic zone. The Authority explained that for Egypt to serve as an export gateway for grains, Russia would need to invest in establishing a global logistics distribution center in the Suez Canal’s economic zone for storing, trading, and subsequently selling wheat and other grains within Egypt and the surrounding Arab
