Investments in the aquaculture sector between Saudi Arabia and China are set to grow as discussions took place at the Global Investment Promotion Conference in Shenzhen, China. Representatives from Saudi Arabia’s Ministry of Environment, Water, and Agriculture engaged with specialized Chinese firms to explore and expand opportunities in the sector.
The conference aimed to showcase investment prospects in Saudi Arabia’s aquaculture industry, promote expertise exchange, and encourage private sector involvement for growth. The National Fisheries Development Program, represented by the ministry’s delegation, played a crucial role in the discussions.
The National Fisheries Development Program, established in 2015, aims to attract $5 billion in private sector investment by the end of the decade. The program focuses on expanding aquaculture, creating new jobs, and allocating half of them to Saudi nationals.
With the expansion of aquaculture, the volume of seafood available for export is expected to increase significantly, contributing to economic growth and job creation. Aquaculture is one of the fastest-growing areas in the food sector worldwide, growing at a rate of 6% per year. It plays a crucial role in ensuring food security, job creation, rural development, and environmental sustainability.
The collaboration between Saudi Arabia and China in the aquaculture sector is a strategic move to boost the industry and enhance economic cooperation between the two nations. Saudi Arabia aims to produce 600,000 tons of fish annually, generating around 200,000 direct and indirect jobs in the fisheries sector as part of its Vision 2030 master plan to diversify the economy.