By NNN-Bernama,
Dubai : Gulf Co-operation Council (GCC) nations should consider investing in agricultural projects in fertile Arab countries like Sudan, Egypt and Yemen to address the gap between food imports and exports and achieve self-sufficiency.
This was suggested in a study conducted by the Dammam-based Federation of GCC Chambers of Commerce, Industry and Agriculture.
The GCC’s combined farm gap grew to 12.2 billion USD in 2006 from 8.9 billion USD in 2001, and is likely to further widen because of low growth in the agricultural sector and rising prices of imported food, according toa a report in the Emirates Business newspaper, quoting the findings of the study.
The federation opined that in the current circumstances, the issue of food security has become a priority for the GCC which groups the United Arab Emirates (UAE), Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.
The report highlighted the lack of co-ordination and co-operation among GCC states in the agricultural sector and in the establishment of joint farm projects as among the reasons behind the steady increase in the farm deficit.
“It’s time for the GCC countries to cover that gap by setting up farm projects in such fertile Arab countries as Sudan, Egypt and Yemen,” the federation said, according to Emirates Business.
The GCC and countries with arable land should look into inking pacts for the allocation of such land to enable Gulf investors to establish agricultural projects, the study said, adding that the initiatives could be run as joint ventures under the management of GCC firms.
The GCC countries, which control nearly 45 per cent of the world’s proven oil resources, are the largest farm importers in the Middle East. Their food imports accounted for more than 70 per cent of the total Arab farm imports of 16 billion USD in 2006.