Suez Canal Authority, Qatari Baladna Sign $1.5 Bln Deal to Ensure Food Security for EgyptiansSource: www.export-egypt.com 10/25/2023, Location: Africa |
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Egypt's Suez Canal Authority (SCA) has signed a memorandum of cooperation (MOC) with Qatari dairy producer Baladna valued at $1.5 billion to initiate projects that guarantee food security for the Egyptian population.
This agreement includes establishing a cattle farm initially accommodating 20,000 dairy cows to produce 300 million litres of milk annually. Moreover, the memorandum outlines plans to cultivate an additional 280,000 feddans in the New Valley governorate to provide fodder and agricultural products necessary to meet the project's requirements and for export. Osama Rabie, Chairman of the SCA, emphasized Egypt's commitment to diversifying its sources of income through participation in significant projects, particularly those that align with the state's objectives of ensuring food security and achieving self-sufficiency. During the signing ceremony, Prime Minister Mostafa Madbouly underscored that this agreement aligns with Egypt's aspirations to strengthen its economic ties with Qatar. Qatar had pledged to inject $5 billion into the Egyptian economy in May. The trade exchange between the two countries reached $80.1 million in the first 11 months of 2022, up from $45.5 million in 2021—an increase of 76.2 percent. Furthermore, Qatar is the third-largest Arab state investor in Egypt, with 160 Qatari companies investing $2 billion in the country. Egypt's strategic objective is to attract investments and bolster its relations with Arab Gulf nations as part of its broad strategy to boost foreign currency earnings and increase Foreign Direct Investments (FDIs). Similarly, the Egyptian government has set a target to collect approximately $83 billion in foreign currencies during FY2023/24 through four primary channels, including remittances, non-oil merchandise exports, FDIs, and revenue generated by the Suez Canal. To achieve this goal, the government has taken significant steps to promote and attract investments, notably reducing the administrative requirements for new companies to establish their legitimacy and commence operations by 62 percent. |
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