Saudi Arabia Subsidizes Livestock Imports to Support Food Security and Economic Stability
Riyadh, Saudi Arabia – June 4, 2024 – The Ministry of Environment, Water and Agriculture (MEWA) has announced a significant initiative aimed at bolstering the Kingdom’s livestock sector and ensuring greater food security for its citizens. His Excellency the Minister of Environment, Water and Agriculture, Eng. Abdulrahman bin Abdulmohsen Al-Fadhli, expressed profound gratitude to the wise leadership for approving the state’s assumption of taxes and customs duties on live animal shipments entering the Kingdom.
This forward-thinking decision underscores the government’s unwavering commitment to supporting vital economic sectors and mitigating the impact of global economic fluctuations on essential goods. By absorbing these costs, the Ministry aims to reduce the overall price of live animals for consumers, making high-quality protein more accessible and affordable.
The move is expected to have a multifaceted positive impact. Firstly, it directly addresses the needs of the Saudi consumer by easing the burden of rising food prices. This proactive measure demonstrates a strong focus on public welfare and the desire to maintain the affordability of staple food items.
Secondly, the subsidy is poised to stimulate the livestock market by encouraging increased imports of live animals. This influx is anticipated to enhance the availability and diversity of livestock within the Kingdom, contributing to a more robust and resilient supply chain. It will also support local breeders and traders by creating a more stable and predictable market environment.
Furthermore, this initiative aligns with the broader objectives of Saudi Vision 2030, which emphasizes economic diversification and the strengthening of domestic food production and security. By supporting the livestock sector, the Kingdom is taking a crucial step towards reducing reliance on external food sources and building a more self-sufficient nation.
Minister Al-Fadhli conveyed his sincere appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for their continuous support and directives that prioritize the well-being of the Saudi people and the prosperity of the national economy. The Minister highlighted that such decisions reflect the leadership’s keen understanding of the challenges faced by various sectors and their proactive approach to finding effective solutions.
This significant step taken by the Saudi government is a testament to its dedication to fostering economic stability, supporting its citizens, and ensuring a secure and prosperous future for the Kingdom. The subsidy on live animal imports is a welcome development that will undoubtedly contribute to the nation’s food security and economic growth.
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mewa.gov.sa published ‘الوزير الفضلي يرفع الشكر للقيادة بمناسبة الموافقة على تحمل الدولة الضرائب والرسوم الجمركية على إرساليات المواشي الحية’ at 2024-06-04 00:00. Please write a detailed article about this news in a polite tone with relevant information. Please reply in English with the article only.