Arab world must address food crisis, says PM

COMMON CRISIS: Escalating food prices have hit the Arab world and self-sustainability must be addressed, says Bahrain's leader. (Getty Images)

Concerns over food shortages in the Arab world are of paramount importance, according to Bahrain’s Prime Minister, who again called for the implementation of a common strategy to protect against an imminent crisis.

“We need to draw lessons from the current spiralling inflation hitting the world and start seriously thinking about ensuring food security in the Arab world, particularly that our countries have immense potential and resources that can be used to ensure a better future for our people,” UAE daily Gulf News quoted Sheikh Khalifa Bin Salman Al Khalifa as saying.

“The hike in commodity prices was sparked by decisions by the producing countries,” Sheikh Khalifa said, adding that Arab countries "needed to achieve self-sufficiency in food-production and reduce dependence”.

Rapidly increasing demand from developing nations such as China and India has driven up prices internationally, with the cost of soft commodities like wheat, corn and sugar reaching record levels in recent trading.

Droughts and floods in the world’s largest food producing nations - the US, Australia, Canada and China - have also stifled crop forecasts, adding further upward pressure to prices.

In January, Sheikh Khalifa urged GCC member states to present a united front to battle soaring food prices across the Gulf by using the newly-established common market as a launching point to develop a common strategic food stock.

The Arab Organisation for Agricultural Development said Arab countries imported $10 billion worth of food products per year, placing enormous pressure on locals in the region as global prices rise.

Gulf residents have struggled as runaway prices add to the mounting pressure of inflation, which has hit record levels across the region.

The tumbling value of the dollar, to which most Gulf States have their currencies pegged, has also been blamed for the escalating cost of living.

The falling US currency has reduced Gulf States’ purchasing power at a time when sourcing goods from economies with strong currencies such as the euro zone.

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