Editor in Chief: Moh. Reza Huwaida Thursday, August 6th, 2020

Kazakhstan Initiates Creation of Fund to Increase Trade Between IOFS Member Parties

Kazakhstan Initiates Creation of Fund to  Increase Trade Between IOFS Member Parties

NUR-SULTAN - The Minister of Agriculture of Kazakhstan Saparkhan Omarov has initiated creation of Grain Fund, Trend reports with reference to the press office of the Ministry of Agriculture of Kazakhstan.
The initiative has been proposed during second Ministerial Conference of General Assembly of Islamic Organization for Food Security (IOFS), which took place on August 29 in Jeddah city of Saudi Arabia.
“This fund will allow to meet the demand of member parties of IOFS, to provide for stage by stage increase of mutual trade of grains manufactured in member countries and to work as a measure for creation of food reserves and provision of humanitarian assistance to member parties during food shortages,” the report said.
The concept of the grain fund includes the humanitarian component with use of donor assets and philanthropic foundations. The minister further proposed to start with grain and flour and if the concept of the fund will prove to be successful the range of food items will be expanded and the measure of mutual supplies with other foods manufactured by member parties will be used.
The second initiative of the minister is the expertise exchange between member parties, implementation of new technologies, in particular deep processing of agriculture raw materials and manufacturing of goods with most added cost, activation of cooperation between private sectors of the member parties of Organisation of Islamic Cooperation. Especial attention has been given to the importance of development of direct links between regions of the countries and agriculture business of the countries.
The minister proposed to activate the cooperation between private sectors of countries by creating Islamic Organization for Food Industry.
The association is to focus on solving issues such as decrease of production costs, decrease of losses after harvesting, distribution and sale of goods, strengthening of technological chain, implementation of latest technologies and materials, which provide for synergy effect via decrease of production costs.
Islamic Organization for Food Industry will provide for strengthening of cooperation and trade ties between countries. (Trend)