The United Arab Emirates (UAE) will establish a government authority to secure strategic food reserve as part of efforts to contain the rising food prices, the official Emirates News Agency reported on Sunday.
The UAE ministries of social affairs and economy have held talks over the mechanisms to establish the strategic food reserve in coordination with the cooperative societies, Undersecretary of the Ministry of Social Affairs Abdullah Al Suweidi was quoted as saying.
The new authority will play a vital role in controlling price hike of essential commodities, Al Suweidi said.
"(The authority) will assume a major responsibility especially in reading and analyzing political and economic changes that could happen in the food industry and tune measures accordingly," he added.
According to Al Suweidi, the authority will initially focus on the provision of staple cereals like rice and wheat which constitute the backbone of world food security.
"The Ministry of Social Affairs will unveil a package of direct investment projects on basic food commodities from major world farm crop producers. Securing such commodities in the coming years from those producers will be one of the main recommended solutions to stabilize prices," he said.
Source: Xinhua
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