One of the most significant responsibilities of any government is to ensure that the country in question has a high enough food security. This allows them to not worry about food shortage as they always have the inventory to cover for such rainy days. A country like the UAE, which has a dry and arid climate, needs to depend on other countries for satisfying their food security issues.
However, due to a strong government, the Emirati bodies are now trying their best to ensure improvement in local food production. Also, in a bid to improve the trade relations between Indian and the UAE, the government has set up a new agricultural portal. Here’s a look at everything you need to know about DMCC’s new portal, and why it is so important.
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DMCC Initiative
The Dubai Multi-Commodities Centre Free Zone is a prominent economic zone within Dubai. The regulatory body has now come out with an innovative idea to help improve trade and commerce within Dubai. The newly found Agricultural portal will help make it easier to trade, transfer and procure foodstuffs within Dubai. The online portal, named Agriota will enable the connection between farmers in India and significant food corporations situated in the UAE.
The move will, without a doubt, help in improving and boosting the import of foodstuffs from India. The tech-driven platform Agriota will go a long way in empowering local traders, Indian farmers and other beneficiaries by reducing the influence of intermediaries. Such a move will have a profound effect on the relationship between the suppliers and sellers and will help boost overall sales for both.
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The sourcing platform works on the most modern technology of Blockchain, which helps ensure efficiency and security to all parties involved. Furthermore, this platform will make it easier for large corporations to reach out to grass-root workers in India. It will also reduce the need for middlemen, and also bring more credibility and transparency to the system.
Such a portal will also enhance the traceability of all such food-related transactions, making it easier to maintain records and documentation. The local communities engaged in agriculture will also find it easier to explore new markets for their products and get fairer deals for their produce. Agriota will also help consumers improve their access to high-quality foodstuffs, like oilseeds, spices, cereals, fruits, pulses, vegetables and condiments.
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Collaboration for a Better Future
Agriota is the result of a partnership between the DMCC and India’s CropData Technology. The move will help boost UAE’s food security as mentioned by Chief Executive of DMCC, Ahmed Bin Sulayem. He also noted that the UAE plans to implement a comprehensive strategy to ensure sufficient food security, and improve the UAE’s agricultural trade facilitation. Such collaborations will help enhance UAE’s position as a global leader in tech-driven solutions for agricultural sourcing, trade and procurement.
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Further Plans and Investments
The Ministry of Food Security and DMCC mentioned that such a platform would help boost local production of food. Due to its arid climate, the UAE imports about 90% of its food. It is currently looking to improve food production by 40%. The global pandemic has also affected supply-chain logistics. As a result, the country is investing in the agri-tech business to ensure food security. This led to the establishment of branches of AeroFarms, RNZ, RDI and Madar Farms in the UAE.
All of these is a result of well-calculated moves from the Emirati Government. The Abu Dhabi Investment Office pumped in over $100 million into their agritech business. This will help improve local food production through technology-driven solutions. These companies will help the UAE government set up R&D facilities and production facilities within Abu Dhabi. Food Security
Last year, the Abu Dhabi government announced another important initiative. It was worth more than a billion Dirhams and aimed to help with the implementation of technologically advanced agricultural solutions. The move was part of the highly regarded Ghadan 21 stimulus package. All of these activities will help the UAE reach the top of the Global Food Security Index. The majority of food in most Gulf countries must be imported from other countries. As a result, they must work hard to develop such sectors to boost local food production.
Climate and freshwater scarcity make it difficult to develop crops and operate large-scale livestock ranches in these countries. They also import a variety of consumer, industrial, and medical products from other countries. Such investments can be viewed as the government’s efforts to become more self-sufficient.
If you need any help with registering your business, obtaining a trade license or navigating through the overtly complex financial world of the UAE, feel free to contact us at KGRN. We have decades’ worth of experience in the field of accounting and finance. Hence, we can provide guidance on any matter related to economics in the UAE.
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