Saudi Arabia's desire to secure its sources of food for its citizens by establishing overseas joint ventures in food production has received a positive response from a Philippine trade delegation.
Not a day goes by without new acreage being signed over. "For Sale" ads for agricultural property are now featured in the international financial press. And there's no dearth of clients.
"Je crois que les tensions seront inévitables où que ce soit, faisant des enclaves agricoles étrangères de véritables forteresses assiégées."
The Philippines has signed a $300-million investment agreement with Bahrain to establish agro-fishery businesses in the country.
Bahrain and the Philippines have signed an agreement to set up a $500 million joint agricultural company to help achieve food sufficiency in the kingdom and the GCC states.
“[Middle East investors] wanted to go on a long-term lease of huge tracts of land and they will plant various crops and then enter into a contract to buy the produce because they need food to feed their people,” Trade Secretary Peter Favila told reporters.
The investments aim to meet Saudi Arabia’s increasing demand for fruits, vegetables and livestock products
An estimated $238.6 million will be alloted by the Saudis to set up cash crop fruit plantations consisting of bananas, mangoes, and pineapples, an agriculture official said.
In an exclusive telephone interview during her visit to Riyadh on Tuesday, Philippine President Gloria Macapagal Arroyo focused on measures by her country to strengthen economic ties with the Kingdom.
King Abdullah of Saudi Arabia told President Gloria Macapagal-Arroyo on Tuesday that he is sending a high-level business mission to the Philippines in April to look for investment opportunities in the Philippine agriculture sector.
According to Nograles the vision of the political leaders of Mindanao is that if the 26,000 hectares of contiguous agricultural land can be developed in the joint venture partnership with the Saudi chamber of commerce, a lease agreement could gurantee 50 years of food security for the Kingdom.
While I am all for infrastructure projects, the way these large-scale agriculture projects are being conceived leaves a lot to be desired. One, they are shrouded in secrecy. Two, this being Kenya, it is not clear who will benefit most.
