December 19, 2023

Saudi Arabia and China explore aquaculture investments

Discussions on boosting investments in the aquaculture sector between Saudi Arabia and China took place at the Global Investment Promotion Conference in Shenzhen, China, as representatives from Saudi Arabia's Ministry of Environment, Water, and Agriculture engaged with more than 60 specialised Chinese firms to delve into existing opportunities and foster collaboration, Arab News reported.

The forum aimed at showcasing the investment prospects within Saudi Arabia's aquaculture sector, encouraging the exchange of expertise, and facilitating private sector involvement to capitalise on growth opportunities. Saudi Arabia's National Fisheries Development Programme (NFPD), represented by the ministry's delegation, played a pivotal role in these discussions.

Established in 2015, the National Fisheries Development Programme seeks to attract US$5 billion in private sector investments by the end of the decade. At the heart of this initiative is the National Aquaculture Group, also known as Naqua, standing as the largest firm in the Middle East's aquaculture industry.

The programme, dedicated to expanding aquaculture, sets its sights on creating new jobs, with half of these positions earmarked for Saudi nationals. This expansion is anticipated to substantially increase the volume of seafood available for export, thereby contributing to economic growth and job creation.

Al-Shaikhi, CEO of NFPD, emphasised the significance of aquaculture as a key element that can enhance the quality of life in many countries, expressing the commitment to make Saudi Arabia a part of this positive transformation. He outlined the programme's focus on job creation, safeguarding local markets, and promoting the seafood industry.

As part of its Vision 2030 master plan to diversify the economy, Saudi Arabia aims to produce 600,000 tonnes of fish annually, generating around 200,000 direct and indirect jobs in the fisheries sector.

-      Arab News