Saudi Agricultural and Livestock Investment Company (SALIC) will establish a storage center for imported edible oil in partnership with private sector, said SALIC CEO Sulaiman Al-Rumaih.
The announcement came during a Saudi-Malaysian private sector meeting in Riyadh on Thursday, which discussed areas of cooperation and investment opportunities in the field of food security, Saudi Press Agency reported.
The meeting was an opportunity for the Malaysian side to benefit from the center, which will be constructed by the Public Investment Fund-owned firm, as a distribution point for its edible oils in the region, Al-Rumaih noted.
Malaysia’s food security strategy aims to produce a group of basic commodities with the aim of achieving self-sufficiency, such as rice, meat and corn, the Malaysian minister of agriculture and food industries said.
The Asian country’s strategy wants to exploit the comparative advantage of palm oil production and export to various countries, Ronald Kiandee said.
SALIC Chairman Abdul Rahman Al-Fadli stressed the importance of cooperation and discussing investment opportunities for the private sector between Saudi Arabia and Malaysia, according to the comparative advantage of each of them, with the need for joint coordination to follow up on those initiatives.