Riyadh, Kingdom of Saudi Arabia, 11 June 2023 – Riyadh, the capital city of Saudi Arabia, hosted the 10th Arab-China Business Conference on Sunday, under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.

The conference, themed "Collaborating for Prosperity," aimed to support and promote cooperation in the areas of economy, trade, and investment to find mutually beneficial solutions for Arab countries and China.

The theme reflected the long-standing relationship between Arab nations and China and the huge potential for growth across Manufacturing, Finance, Agriculture & Food Security, Strategic Minerals & Mining, Digital & e-Commerce, Petrochemicals, Renewable Energy, Healthcare, Tourism & Entertainment, Transportation & Logistics, AI and Robotics.

During the conference, Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, attended a high-profile panel discussion on: “Food Security and Agriculture – The Key to Unlocking Development.”

In his intervention, Dr. Al Jasser highlighted how IsDB Group has promoted agricultural development in its 57 member countries. “Since its inception, IsDB Group has funneled US$ 21 billion to financing operation in the agriculture sector. In this endeavor, we have collaborated with our development partners including the Arab Coordination Group, the African Development Bank, and the World Bank,” he said.

The IsDB Group Chairman then described developing infrastructure as one of the core activities of the Bank and explained how it has promoted agriculture in different member countries through facilitating farmers’ access to local and international markets. He also elaborated on IsDB’s application of green solution to revive fish farming in local communities in Indonesia.  

“29 of our 57 member countries are least developed and have serious issues with famine and drought. IsDB facilitates transfer of agricultural technologies and green solutions among member countries. To improve agriculture and food security, we have developed some modes of production and processes including boosting value chain and China has something to offer in this through South-South Cooperation and Reverse Linkage as they have done very well with their agrarian revolution,” he stated.  

On IsDB Group efforts to address the current global food crisis, Dr. Al Jasser referred to the multiple origins of the crisis adding that in July 2022 the Group adopted a US$ 10.54 billion Food Security Response Program that supports member countries by meeting their immediate needs as well as boosting their long-term resilience to food security shocks in the future. “IsDB Group’s FSRP dedicates US$ 3.2 billion to funding replenishment of their food stocks while providing US$ 7.3 billion to finance renovating and rebuilding their relevant agricultural infrastructure,” he stated.

“IsDB Group contributed US$13 billion to the US$24 billion Cumulative Climate Financing Package announced by the Arab Coordination Group in the COP27 in Egypt in November 2022. This package also aims at enhancing the resilience of member countries’ food systems,” said IsDB Group Chairman, Dr. Muhammad Al Jasser.

On mitigation strategies to better promote food security, Dr. Al Jasser referred to the special agro-processing zones that IsDB has been supporting along with the African Development Bank across Arab and Non-Arab countries. “These zones are aimed at stopping distortionary economic policies especially with the subsidies,” the IsDB President stated.

The IsDB Group Chairman concluded his remarks saying: “Food is most important. We have to re-visit our strategy as nations and as families even, about how to grow and procure food. The private sector has to do its work, individuals have to do their work, and governments have to provide if not the investment and financing, then at least the guidance to where they expect the economy to be in terms of agricultural products and food security.”

Other participants on the high-profile panel were H.E. Eng. Abdulrahman Abdulmohsen A. Al Fadley, Minister of Environment, Water and Agriculture, Kingdom of Saudi Arabia; Eng. Ahmed Al Balaa, Founder and Managing Director, Naqua, Kingdom of Saudi Arabia; Sarah Menker, Founder and CEO, Gro Intelligence, United States; Abdullah Al Bader, CEO, Al Marai, Kingdom of Saudi Arabia; Pierre Casamatta, Managing Director, Calysseo, United States. The panel was moderated by Eugene Tang, Business Editor, South China Morning Post, China.