News

Saudi Arabia and China are set to increase investments in the aquaculture sector.

At the Global Investment Promotion Conference in Shenzhen, China, Saudi Arabia and China are poised to bolster investments in the aquaculture sector, as reported by the Saudi Press Agency. Representatives from Saudi Arabia’s Ministry of Environment, Water, and Agriculture engaged with more than 60 specialized Chinese firms to explore and expand opportunities in the sector.

The aim of the forum was to showcase investment prospects in Saudi Arabia’s aquaculture sector, promote the exchange of expertise, and facilitate private sector involvement in capitalizing on growth opportunities. The National Fisheries Development Program, represented by the ministry’s delegation, played a pivotal role in these discussions.

Established in 2015, the program seeks to attract $5 billion in investment from the private sector by the end of the decade, with a focus on expanding aquaculture. Central to this initiative is the National Aquaculture Group (Naqua), the largest firm in the Middle East’s aquaculture industry. The program aims to create new jobs, with half of them allocated for Saudi nationals, and significantly increase the volume of seafood available for export, thus contributing to economic growth and job creation.

Ali Al-Shaikhi, CEO of NFPD, highlighted the importance of aquaculture in the food sector’s rapid growth worldwide, emphasizing its contributions to food security, job creation, and rural development. Al-Shaikhi underscored Saudi Arabia’s commitment to enhancing the quality of life and promoting the seafood industry domestically and internationally.

As part of Vision 2030, Saudi Arabia aims to produce 600,000 tons of fish annually, generating approximately 200,000 direct and indirect jobs in the fisheries sector. The collaboration with China signifies a strategic move to boost the aquaculture sector and enhance economic cooperation between the two nations.

Leave a comment

Your email address will not be published. Required fields are marked *