Egypt and Canada signed today a memorandum of understanding to boost means of cooperation in food supply, storage, and distribution.
The MoU has been signed by Egyptian Ministry of Supply Khaled Hanafy and Canadian Minister of Foreign Affairs John Baird.
As pursuant to the memorandum, Canada would cooperate in boosting food commodities’ supply, storage, and distribution in Egypt, minister Hanafy stated.
The Egyptian minister noted that the memorandum seeks to attract more international investments in order to establish new modern logistics storage centres for food commodities as well as silos and advanced distribution networks in Egypt.
Moreover, the minister said the memorandum comes within the framework of supporting Egypt’s plans to launch projects on Suez Canal Corridor (SCC) such as ports and modern storage centers as well as to establish the global logistics centre in Damietta for the handling and storage of grain and food commodities.
It also includes in Egypt’s plans to flourish the joint trade ties between Egypt, the Middle East, Africa and Europe.
The memorandum will enhance the bilateral trade relationships between Egypt and Canada in terms of exchanging expertise in order to achieve Egypt’s plan to have a commodity exchange.
It will also remove trade obstacles witnessed by the two countries in field of food products, aiming to encourage the private and public sectors in both countries to invest in Egypt. In addition, the MoU would work on developing the informal markets so as to offer the products in large quantities, at high qualities, and low prices to meet the citizens’ needs and provide thousands of job opportunities.