Russia’s largest wheat buyer wants to become a grain trading and storage hub – Reuters

Egypt, the largest buyer of Russian wheat, plans to create a global grain trading and storage hub, the country’s Minister of Supply Sherif Farouk said at a grain forum in Sochi, Russia, Reuters reported.

According to Farouk, Egypt is implementing a strategy to transform the country into a center for storing, processing and trading grain crops for countries in the Middle East, Africa and other regions.

“In this context, Egypt is now striving to create a global grain hub,” he said.

The minister noted that the project involves the creation of modern elevators, the development of transportation systems, as well as capacities for grain processing and storage.

In addition, the commodity exchanges of Egypt and Russia can cooperate on the modernization of the grain trading infrastructure in Egypt, the development of price benchmarks and increasing the transparency of supply chains.

“Egypt will continue to strengthen cooperation with Russia in the development of grain tracking systems. All these efforts will help us increase the transparency and sustainability of the market for strategically important goods,” said Farouk.

Tags: Russia, Egypt, grain