The Russian Federation, with the help of Egypt, can create a grain hub in Suez within a year
Wheat
Published Feb 21, 2024
Tridge summary
Russia is planning to establish a global grain hub in the Suez Canal economic zone within a year, leveraging Egyptian grain storage facilities. This move, which has been a topic of discussion in several meetings between the two countries, is expected to bring economic benefits to Russia and potentially increase its political influence in the Middle East and Africa. Egypt, a major buyer of Russian grain, will benefit from this hub, which will also ease shipping to countries like Jordan, Saudi Arabia, Yemen, and Eritrea. Over the past year, Russia has increased its wheat supplies to Egypt by over a third, amounting to $2.3 billion and constituting over 70% of Egypt's imports.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Russia can create a global grain hub in the economic zone of the Suez Canal in just a year, subject to the use of Egyptian grain storage facilities at the first stage, the project will bring a number of economic benefits to our country, independent industry expert Leonid Khazanov commented to RIA Novosti. On Monday, the Egyptian Ministry of Supply and Internal Trade told RIA Novosti that the countries held several meetings at which the possibility of creating a Russian logistics distribution center for wheat in the Suez Canal economic zone was discussed. Earlier, in August 2023, the main department for the supply of goods under this ministry confirmed the possibility of exporting Russian wheat from Egypt to neighboring countries if Moscow creates such a center in this region. “The project to create a grain center in the Suez Canal zone can be implemented in a relatively short period of time - within one year, since the potential partner from Egypt already has its own storage ...
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