The Ministry of Economy and Commerce (MEC), in collaboration with the Ministry of Municipality and Environment, has announced plans to launch an initiative that involves the establishment of four fish farming and aquaculture projects.
This comes as part of initiatives undertaken by the Technical Committee for the Promotion of Private Sector Engagement at the MEC to boost self-sufficiency in sectors related to food security in the country.
The initiative will contribute to creating a continuous balance throughout the year between supply and demand and reduce the local price of fish during inappropriate climate, the MEC said in a press statement.
The total production capacity of the four projects will be “no less than 7,000 tonnes per year” of fish and aquatic organisms.
The initiative includes the implementation of three projects for fish farming in floating cages along three northern marine sites, with each project covering an area of 90 hectares.
They will each have a production capacity of “not less than 2,000 tonnes per year” and are to reach their maximum production capacity within 36 months, according to the ministry.
The fourth project for fish farming and aquaculture will be implemented along the coastal site of El Arish, covering an area of 111 hectares and with a production capacity of “not less than 1,000 tonnes per year”.
 The project will reach its maximum production capacity within 42 months.
The Technical Committee is seeking to stimulate private sector participation in economic development projects through these projects to increase domestic fish production in order to meet the continued increase in demand and provide high-quality and competitive products.
“The projects aim to reduce the gap between the supply and demand in the domestic market of high-quality products of both fish and shrimp, and develop a strategic stock of them with competitive prices by the private sector,” the MEC stressed.
“The initiative comes as part of the keenness of the committee to confront national food security challenges through developing economic policies that are capable of dealing with the requirements of international and regional trade, and creating a state of stability in the food chain supply, regardless of the continuous fluctuations that impact food trading.”
The committee, in co-ordination with the competent authorities, will be responsible for delivering the necessary facilities for the implementation of the four projects and facilitating the procurement of required approvals, permits and licences from the authorities concerned in accordance with the State law.
In line with its keenness to stimulate private sector participation in economic development projects, the committee has launched an opinion poll for entrepreneurs interested in investing in the sector and all stakeholders.