He pointed out that there is a general trend to increase reserves, whether wheat or basic commodities, in order to achieve food security.
This was announced during a meeting of the general assembly of the state-owned company under Supply Minister Ali el Meselhi.
Egyptian Supply Minister Ali Moselhy on Tuesday was granted an award by leading economics magazine Business Today, during the annual BT100 ceremony that honors top influential figures and companies positively impacting the Egyptian economy.
The Supply Minister inaugurated Sunday renovation works at the Egyptian Sugar and Integrated Industries Co, with investment cost of LE 400 million.
Price Tag decree triggers dissatisfaction among both importers and manufactures
The Supply Ministry will seize any commodity without a price tag as of January 1, 2018.
Egypt has about 3.4 million tons of wheat, sufficient for more than 4.5 months.
Egypt will build the first logistic city in Gharbia governorate on an area of 82 feddan.
Ali Moselhy met with Giampaolo Cantinion after delivering his credentials as the new ambassador of Rome to Egypt.
The price of subsidized sugar will be reduced from LE 10 to LE 9.5 per kilo as of September.
The government is now working to expand the subsidies system to ensure it reaches the right beneficiaries, as well as widening the social safety nets, the minister said.
The government assigned sugar factories the process of marketing and selling sugar for industrial purposes at LE 500 for each ton as of August.
The numbers of market inspectors will increase to ensure proper implementation of the new system.
Minister of Supply Dr. Ali Moselhy formed a central procurement committee in the Food Industries Holding Company to contract buying ration cards goods.
Egypt is set to produce twice as much rice this year as last year, Supply Minister Ali Moselhy told.