Discussions between Saudi Arabia and China at the Global Investment Promotion Conference in Shenzhen indicate growing prospects for investments in the aquaculture sector.
Representatives from Saudi Arabia’s Ministry of Environment, Water, and Agriculture engaged with over 60 specialized Chinese firms to explore and expand opportunities, aiming to showcase investment prospects, foster expertise exchange, and facilitate private sector involvement in Saudi Arabia’s aquaculture sector.
The National Fisheries Development Program, part of the ministry’s delegation, played a pivotal role in these discussions. Launched in 2015, the program targets $5 billion in private sector investments by the end of the decade.
Central to this initiative is the National Aquaculture Group (Naqua), the largest firm in the Middle East’s aquaculture industry. The program focuses on expanding aquaculture to create new jobs, with half allocated for Saudi nationals, significantly increasing seafood volumes for export and contributing to economic growth.
Aquaculture, growing at 6% annually globally, is viewed as a key element for improving food security, job creation, rural development, and environmental sustainability. Ali Al-Shaikhi, CEO of the National Fisheries Development Program, emphasized the importance of aquaculture in enhancing the quality of life and promoting the seafood industry in Saudi Arabia.
The collaboration with China aligns with Saudi Arabia’s Vision 2030 plan to produce 600,000 tons of fish annually, creating around 200,000 direct and indirect jobs in the fisheries sector and diversifying the economy.
