World Food Day: India and the UAE Collaborate for Food Security
‘World Food Day’ is celebrated on October 16th as a global responsibility to abolish hunger. 2024’s theme for the day is ‘Right to foods for a better life and a better future’. This theme highlights the significance of enabling access to nutritious food for all, particularly in the face of global challenges, including poverty, climate change, and conflict. In line with this theme, in October 2024, India and the United Arab Emirates (UAE) announced plans for developing a food corridor between the two nations, with an initial investment of over USD 2 Billion (INR 17,000 Crore) in food processing and logistics for food parks. This project significantly reinforces the UAE's food security while providing support to Indian farmers. The initiative is part of a bigger investment strategy targeting over USD100 Billion across key sectors, including manufacturing, infrastructure, and logistics.
A Win-Win Partnership:
The strategic collaboration is a win-win situation for both countries. The UAE will gain access to a consistent source of food, assuring food security for the citizens. India, on the other hand, will benefit from growth in exports of agricultural products, creating new opportunities for its farmers and boosting its economy.
- Key Benefits for India: The food corridor is aimed to provide a platform for food producers in India to export their products to the UAE and other markets in the Middle East, which could further bolster agricultural exports and generate foreign exchange in the country. The corridor is projected to attract investments from the UAE and other countries, which can be utilized to reform India's food processing industry and enhance infrastructure. According to IMARC estimates, the food processing market in India is projected to reach INR 61,327.5 Billion by 2032, exhibiting a growth rate of 8.8% during 2024-2032. The development of the food processing industry will create new jobs in India, specifically in rural areas and small farms.
- Key Benefits for the UAE: By assuring a steady food supply, the corridor will help the country achieve food security and reduce the risks associated with global food market disruptions. The UAE is expected to benefit significantly from investing in India's food processing industry and infrastructure. The food corridor will also contribute to the economic growth of the UAE by generating revenue from food trade and investment and creating employment opportunities.
The India-UAE food corridor holds the potential to be a mutually advantageous partnership to benefit both countries in terms of food security, economic growth, and job creation. The initiative serves as a prime example to address global challenges such as food security. Also, it acts as a prototype for future intercontinental collaborations aimed at accomplishing global food security and a more sustainable and equitable food system.
How is the Most Populated Country in the World Confronting Food Challenges?
India, as the most populous country in the world (as of 2024), faces substantial challenges in assuring food security for its enormous population. However, the government and other organizations have implemented various strategies to address these challenges. In a move to strengthen food security, the Union Cabinet recently allocated INR 1,01,321 Crore (USD 21.8 Billion) of funds focusing on farmers' income and food security under the PM-Rashtriya Krishi Vikas Yojana and Krishonnati Yojana. These initiatives emphasize the significance of organic farming, agricultural productivity, soil health, and innovative farming techniques.
Initiatives Beyond India:
As part of a widespread, global response to the existing food security crisis, the World Bank Group has planned investments valuing USD 30 Billion in ongoing and new projects in areas including agriculture, nutrition, irrigation, water, and social protection. These investments include:
- The USD 2.3 Billion Food Systems Resilience Program for Eastern and Southern Africa supports countries in Southern and Eastern Africa to improve the resilience of the region’s food systems and the capability to address the increasing food insecurity. The program will enhance the response to inter-agency food crises while boosting medium and long-term efforts for sustainable development of natural resources, resilient agricultural production, improved market access, and a broader focus on food systems resilience in policymaking.
- A USD 500 Million Emergency Food Security and Resilience Support Project is set to bolster Egypt's efforts to ensure that underprivileged and vulnerable households have seamless access to bread. This is purposed to help strengthen the country's resilience to food crises and support reforms to enhance nutritional outcomes.
What Businesses Can Do to Support the Global Food Security Goals?
- Promoting Social Responsibility: Private sector entities need to align their strategies with the Sustainable Development Goals (SDGs) to extend their support in eradicating poverty, limiting hunger, protecting the planet, and promoting social and economic development. This includes the incorporation of sustainable practices, investments in green technologies, and fostering inclusive growth.
- Supporting Small-Scale Farmers: The producers of fertilizers, farming equipment, seeds, animal drugs, or other farming products are required to ensure that their products are safe, sustainable, respectful of biodiversity, as well as affordable for small-scale producers and family farmers.
- Access to Affordable Food: Food companies and producers can provide affordable, nutritious food to consumers, offering greater dietary diversity and quality while prioritizing nutrition.
- Focus on Sustainability: The private sector should prioritize responsible approaches to food production and consumption, while the food sector can source sustainably produced ingredients, alleviate waste, and opt for more sustainable packaging.
- Limit Food Wastage: Over 13% of the food produced for consumption is lost, and a further 19% is wasted by households, food services, and retail sectors. The food retail and hospitality sectors can play a crucial role in helping limit food waste. Supermarkets and restaurants can join programs to donate foods that would otherwise be wasted or spoiled to charity/relief organizations or food banks.
- Spreading the Word: Media companies or businesses with a communication network can harness their reach to educate the public regarding healthy diets and sustainable production while helping them focus on issues related to hunger and malnutrition.
IMARC’s Expertise at Your Service:
With the growing challenges and intricacies in the global food sector, IMARC Group is constantly helping companies in the food value chain with our offerings, strategies, CSR activities, sustainability initiatives, and competitive landscape. IMARC offers a comprehensive range of services to help businesses navigate the complexities of the industry. Our expert analysts can provide valuable insights into global food challenges and resolutions, market trends, consumer preferences, and competitive analysis. Whether you are looking forward to expanding your business, launching a new offering, entering new regions, optimizing your operations, or analyzing the industry, IMARC Group can help you achieve your short-term and long-term goals.
