France-based Louis Dreyfus Commodities Company is offering to invest in Egypt’s logistics centre in Damietta, supply minister Khaled Hanafy announced on Thursday.
The minister made these remarks during his meeting on Thursday with James Wild – Head of Middle East & Africa Region at Louis Dreyfus Commodities.
Louis Dreyfus Commodities is a global merchandiser of commodities and processor of agricultural goods, operating a significant network of assets around the world.
On the other side, James Wild emphasized that Louis Dreyfus Commodities seeks to construct a number of silos for wheat storage in Damietta’s logistics centre, citing its economic importance in wheat trade globally as since the centre would include the launch of a lot of commodities exchanges.
Egypt’s geographical location qualifies it to be a key international logistics hub backed by Suez Canal and its new project, Wild asserted.
Damietta’s logistic centre -which is one of many mega-development projects that will transform the economic landscape of Egypt- will handle and trade food commodities and grains.
The new centre will help solve various challenges Egypt has faced in providing adequate grain storage.
Moreover, It will create better administration of the grains and food supply chain, integrate the supply chain—including various logistical hubs such as ports, storage, internal transportation, processing and redistribution—as well as enhance the free flow of trade and reduce the operating cost to the internationally acceptable levels.