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HomeBusinessSaudi Arabia and China Collaborate to Boost Aquaculture Investments

Saudi Arabia and China Collaborate to Boost Aquaculture Investments

Saudi Arabia and China discuss investment opportunities in the aquaculture sector

December 22, 2023
in Business
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Investments in the aquaculture sector between Saudi Arabia and China are set to grow, as representatives from Saudi Arabia’s Ministry of Environment, Water, and Agriculture engaged with specialized Chinese firms to explore investment opportunities. The discussions took place at the Global Investment Promotion Conference in Shenzhen, China. The aim of the conference was to showcase investment prospects in Saudi Arabia’s aquaculture sector, foster expertise exchange, and facilitate private sector involvement in leveraging growth opportunities. The National Fisheries Development Program, represented by the ministry’s delegation, played a key role in these discussions.

The National Fisheries Development Program, established in 2015, aims to draw $5 billion in investment from the private sector by the end of the decade. The program focuses on expanding aquaculture and aims to create new jobs, with half of them allocated for Saudi nationals. This expansion is expected to significantly increase the volume of seafood available for export, contributing to economic growth and job creation.

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Ali Al-Shaikhi, CEO of the National Fisheries Development Program, highlighted the importance of aquaculture in the food sector, stating that it is one of the fastest-growing areas worldwide. He emphasized that aquaculture contributes to food security, job creation, and rural development, while also being sustainable in terms of the environment and climate change. Al-Shaikhi expressed the program’s focus on job creation, protecting the local markets, and improving and promoting the seafood industry in Saudi Arabia.

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

Tags: aquacultureChinaeconomic growthinvestmentssaudi arabia
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