Initiative seeks to tackle the risk of food shortages due to trade restrictions caused by COVID-19 pandemic
The Arab Authority for Agricultural Investment & Development (AAAID) has announced its plans to set an emergency mechanism which can help provide the needs of Arab countries for basic food commodities and increase inter-Arab trade of these products through the companies in which the Arab Authority and other companies contribute. The AAAID also indicated plans to provide information on the quantities of surplus available for export from these commodities in Arab countries and elsewhere.
The initiative is part of AAAID’s commitment to reinforce food security in the Arab region and is part of its key measures to tackle the risks of any food shortage in Arab countries amid COVID-19 outbreak, which has adversely affected all economies.
H.E. Mohammed Al Mazrooei, President of AAAID, said: “Since its establishment, the AAAID has been working to reinforce food security in Arab countries by investing in agricultural projects and supporting small farmers’ programs. With the spread of COVID-19 negatively affecting various sectors, including food and agriculture, AAAID has been exerting all efforts in cooperation with various companies and other relevant stakeholders to ensure continuous supply of basic food commodities, given that most Arab countries import a major part of their basic food needs from abroad.”
H.E added: “The AAAID is working on a pioneering investment and technical model intended to support relevant entities in increasing the activities related to agricultural product trading in the Arab region. The Arab Authority is also coordinating with various Arab countries to secure the needs of the population for basic food stuffs and promote solidarity amid global fear of food shortages in the markets due to the disturbances in international trade and food supply chains as a result of the limited mobility of people due to the spread of the coronavirus.”
The AAAID has been working to enhance the coordination and cooperation among concerned parties to ensure provisions of basic food products, at food companies and factories, that are available for export or products they need to import, including rice, maize, potatoes, raw and refined vegetable oils, sugar, wheat, and red meats, dairy and its derivatives, fruits, vegetables, poultry meat, table eggs, fish and fodder.
The Arab Authority for Agricultural Investment and Development (AAAID) was established in 1976, with the aim of reinforcing food security in Arab countries. The Arab Authority has extensive experiences in the field of agricultural investment and food processing, as well as providing its companies in member states with the advantages to enhance their operations in their respective countries. The Arab Authority’s activities are focused on agricultural investment in plant and livestock production, among other related programs and projects. It also actively contributes to supporting sustainable agricultural development through diversified agricultural projects with the use of advanced agricultural technology and providing financial support through revolving loans.