Saudi Arabia allocates 20 billion riyals to combat global inflation impact

Saudi Minister of Environment, Water Resources and Agriculture Abdul Rahman bin Abdul Mohsen Al-Fadli said the Kingdom has allocated 20 billion rials (about $5.33 billion) to combat the effects of rising prices around the world.

In detail, Minister Abdul Rahman bin Abdul Mohsen Al Fadli emphasized that Saudi Arabia and China can achieve self-sufficiency in the two countries and contribute to the achievement of world food security through cooperation in increasing investment in agriculture and seizing great opportunities by stimulating production. to increase food supplies and encourage responsible investment abroad.
He spoke about the preparation of the Saudi team to present 17 investment opportunities in the seafood sector in China, noting that there are about 3,000 kilometers of coastlines in the Kingdom, where the best types of fish products are produced that meet the demand of the local market and are exported to China.

Al-Fadli stressed Saudi interest in responsible investment in agriculture abroad as Salik’s assets exceeded 30 billion riyals today as the company focuses on investing in 12 strategic commodities to produce them abroad and transfer them to the Kingdom during the next 10 years to improve the reliability of production and supply chains, explaining, the Kingdom has established a common food security authority to work on several main areas to ensure the achievement of development and food security, represented by the launch of many initiatives, in addition to establishing an integrated management for the system and work to establish a food and emergency early warning system to create a single database for all food products.

The Saudi minister also pointed to an increase in agricultural loans to 7 billion riyals by the end of 2022 from 500 million rials in 2015, expecting the amount of agricultural loans provided by the Agricultural Development Fund this year to increase. will reach 8 billion rials.

Al-Fadli pointed out that during the recent Arab Summit in Jeddah, Saudi Arabia facilitated the launch of the Basic Food Supply Chain Initiative to meet the needs of the Arab countries, and work on its implementation is being carried out in coordination with all countries.

He emphasized that the Kingdom’s movement in this direction is aimed at achieving the goals of the Kingdom Vision 2030, which aims to diagnose reality and challenges, as well as seize opportunities.

He pointed to the continued interest of the Saadian leadership in the sector, as it has allocated 20 billion riyals to deal with the effects of rising prices worldwide, increase strategic stocks of basic materials, overcome crises, achieve food abundance and maintain prices and product quality. .

This happened during his participation today in the dialogue session entitled “Food security and agricultural development”, which was held in Riyadh as part of the activities of the tenth session of the Conference of Arab and Chinese Entrepreneurs in 2023 under the slogan “Cooperation for Prosperity”.

Source: “SPA”

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