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DMCC issues report on food security
The Dubai Multi Commodities Centre, DMCC, the authority on trade, enterprise and commodities in Dubai, issued a report on food security as part of its Connected Thinking thought leadership programme titled "Sustainable Food Supply: The Key to Feeding the World." Food security has emerged as a growing concern in many parts of the world, with a rapidly growing population, development challenges and climate change. The DMCC’s report seeks to underline the need for stakeholders across the supply chain to adapt and address these concerns, as well as identify benefits and opportunities.
Sanjeev Dutta, Executive Director of Commodities, DMCC, commented, "As the world’s population continues to increase, and emerging markets continue to improve economically, hundreds of millions of new consumers every year need ever-greater supplies of food."
The report summarises the five key factors that companies operating in the food trade supply chain need to consider when looking to expand internationally while ensuring optimum trading capabilities. The top consideration is location whereby the report highlights the importance of finding a city with world-class seaports, airports and road infrastructure. Additional considerations include expertise, partners, resources and regulations.
Recognising these key factors, the report goes on to emphasise the importance of Dubai and the DMCC given its strategic location and the major role they play in shaping the future of the global food supply chain.
Sudhakar Tomar, Managing Director at Hakan Agro, a specialist food business based in the DMCC Free Zone goes explains these points in the report, "Propositions such as a stable government, freely convertible currency, a strategic location with a convenient time zone, great infrastructure, no taxation on profits or personal or company income, no foreign exchange controls, no restrictions on capital movement and freehold ownership of property, all put Dubai and the DMCC at a distinct advantage in the evolving global food supply chain."
"Dubai and the UAE are perfectly positioned at the centre of the world, acting as a bridge between north and south, east and west. Around 90 percent of the country’s food is imported, so the foundations of a global food supply chain hub have already been in place for decades. The emirate’s recent advances in innovation and technology further cement its strong position in shaping the future of the global food supply chain," Dutta explained.
Furthermore, the report stresses other key challenges within the industry such as ever-changing consumer demands, climate change, and reduction in water supplies. It explains how addressing these factors through technology, innovation and sustainability initiatives may help tackle the expected population growth in the next ten years and its implications on the demand and supply of food. The GCC is expected to see food imports grow to over $US50 billion by 2020 from $25 billion in 2004.
The DMCC is at the epicentre of global trade and has been increasing and improving its platform and services to the food industry over the last few years. It recently launched the DMCC Food Trade Group, which currently has over 50 member companies, that focusses on building trust and confidence amongst traders by uniting food companies from around the world.
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