Latest news with #FoodSecurity
Malay Mail
a day ago
- Business
- Malay Mail
Mohamad Sabu: Malaysia aims to strengthen agricultural ties with Thailand through MoU review
BANGKOK, May 30 — Malaysia is committed to renewing the Memorandum of Understanding (MoU) on Agricultural Cooperation with Thailand, said Agriculture and Food Security Minister Datuk Seri Mohamad Sabu. He stated that the Malaysia-Thailand MoU, which has been in place for over 50 years, requires a comprehensive review and improvement of most of its terms. 'The MoU reflects our shared goals of strengthening bilateral collaboration in areas such as sustainable agriculture, technology transfer, research, and food security. 'We have submitted our latest draft of the MoU to the Thai ministry, and we hope to receive their feedback soon,' he told Bernama on Friday. Earlier, Mohamad, who led the Malaysian delegation on a four-day working visit to Thailand, made a courtesy call on Thailand's Agriculture and Cooperatives Ministry, Narumon Pinyosinwat, before both parties held a bilateral meeting. Mohamad noted that Malaysia, aims to achieve a higher self-sufficiency level in agricultural production by 2030. This goal is to be realised through a sustainable, resilient, and technology-driven agro-food industry that prioritises food security. 'Our discussions today reaffirm the strong and enduring partnership between Malaysia and Thailand in the agriculture sector. 'I am encouraged by the shared commitment to deepen our collaboration and address common challenges in food security, sustainable agriculture, and innovation,' he said. He also highlighted that Thailand is Malaysia's main trading partner in the agri-food sector and selected agricultural products. 'Bilateral agricultural trade between Malaysia and Thailand continued to show positive performance in 2024, with the total trade value of agricultural products reaching RM20.96 billion. 'This trade trend highlights the growing potential of food and agricultural product trade and demonstrates significant opportunities for both countries to further elevate the value of agricultural trade,' he added. Later, Mohamad officiated the Malaysian Pavilion at the THAIFEX-Anuga Asia 2025, Asia's premier food and beverage trade show. Approximately 137 Malaysian companies participated in the trade show, held at IMPACT Muang Thong Thani from May 27 to 31. — Bernama
Barnama
3 days ago
- Business
- Barnama
Every Government Decision Based On Thorough Research, Consideration
KUALA LUMPUR, May 28 (Bernama) -- Agriculture and Food Security Minister Datuk Seri Mohamad Sabu emphasised that all government decisions, including the cessation of price controls and chicken subsidies as well as the retargeting of egg subsidies, were made based on thorough research and consideration for the long-term interests of the people. He said that although not all policies have an immediate impact, with a clear direction and consistent implementation, the results will be reaped together. Taking the example of the retargeting of egg subsidies, he acknowledged that it was a difficult but necessary decision, and the step was taken after observing stable production costs and guaranteed supply, as during the recent Hari Raya Aidilfitri. "Since 2022, the government has spent RM2.5 billion on egg subsidies, a large figure that is unsustainable if continued. "Another thing, subsidies have also been enjoyed by the wealthy and foreigners. It's unfair. So we redirect to projects that truly help the people in line with MADANI values,' he said in a Facebook post today. From May 1, the egg subsidy was reduced from 10 sen to five sen per egg and will be fully removed on Aug 1. Commenting on the decision to end price controls and chicken subsidies starting Nov 1, 2023, Mohamad said the decision was made so that the savings obtained could be channelled back into the livestock sector in a more organised manner. "We want the old chicken coops to be reopened, the farming system to be upgraded, and small farmers to be given financing facilities. The goal is to increase the country's chicken production and ensure food security for the people," he said. The matter was shared by the Kota Raja member of parliament during a visit to the Nanyang Siang Pau office this afternoon.
Zawya
6 days ago
- Business
- Zawya
ICIEC achieved $13bln in business insured in 2024
ALGIERS: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group's 2025 Annual Meetings in Algiers. The 2024 report highlights that ICIEC has achieved US$ 13 billion in business insured in the year 2024, bringing the cumulative business Insured since inception to US$ 121 billion, of which US$ 96 billion is in export credit and US$ 25 billion in investment. The Corporation facilitated US$ 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability. Under the IsDB Group Food Security Response Programme (FSRP), ICIEC approved over US$ 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 business insured was allocated to climate-related initiatives. ICIEC's financial resilience was evident in its US$ 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody's maintained ICIEC's rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook. '2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'Insuring US$ 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.'
Zawya
6 days ago
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Board of Governors Approves 2024 Annual Report and Audited Financial Statements – USD 13 Billion in Business Insured in 2024
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group's 2025 Annual Meetings in Algiers. The 2024 report highlights that ICIEC has achieved USD 13 billion in business insured in the year 2024, bringing the cumulative Business Insured since inception to USD 121 billion, of which USD 96 billion is in export credit and USD 25 billion in investment. The Corporation facilitated USD 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability. To drive operational excellence, ICIEC refined its pricing framework and enhanced economic capital models, ensuring more sustainable, risk-adjusted growth. Strategic partnerships were deepened with development partners and the private sector to unlock critical capital flows in food security and infrastructure projects. The inclusion of the Togolese Republic as the 50th Member State further broadened ICIEC's reach and bespoke insurance solutons to promote economic development across West Africa. Under the IsDB Group Food Security Response Program (FSRP), ICIEC approved over USD 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 Business Insured was allocated to climate-related initiatives. ICIEC's financial resilience was evident in its USD 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody's maintained ICIEC's rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook. ' 2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'Insuring USD 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.' Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Contact: Email: ICIEC-Communication@ Follow us on: X: Facebook: LinkedIn: YouTube: Instagram: About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17 th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information; visit:
TimesLIVE
23-05-2025
- Politics
- TimesLIVE
Historic partnership forged against hunger
Mankind has no right to leave 733-million people to the scourge of hunger. In a world that annually produces almost 6-billion tonnes of food, this is inadmissible. In a world where military spending reached $2.4-trillion last year, this is unacceptable. Hunger and poverty do not result from shortages or natural phenomena; often they are outcomes of political decisions that perpetuate the exclusion of a major portion of humanity. It is based on this understanding that, this week, Brazil received representatives of 42 African countries and nine international organisations for the second Brazil-Africa Dialogue on Food Security, Combating Hunger and Rural Development. This meeting was part of Africa Week in Brazil, preceding the state visit of Angolan President João Lourenço on May 23. Brazil wants to be a partner on the path towards sovereign insertion of the AU, which entails an agricultural development strategy that aims to achieve a 45% increase in food production on the continent by 2035 Brazil wants to be a partner on the path towards sovereign insertion of the AU, which entails an agricultural development strategy that aims to achieve a 45% increase in food production on the continent by 2035. Brazil has much to contribute in this regard. We have become a farming and food-production powerhouse, thanks to science, technology and decisive state-sponsored actions that have promoted agriculture. It is based on this experience that we wish to exchange knowledge, share and make partnerships. During their visit to Brazil, African representatives, among them many ministers of agriculture, got the opportunity to learn about successful Brazilian experiences. They learnt about the work of the Brazilian Agricultural Research Corporation (Embrapa) and co-operatives that supply initiatives such as the School Meals Programme, which reaches 40-million children. They saw how semi-arid areas of Brazil have been transformed into food-export hubs, through adaptation of water-scarcity technologies, adopting solutions that could be useful in certain regions of Africa. The dialogue that took place this week is part of a broader agenda. Last November, during the G20 Summit in Rio de Janeiro, we launched the Global Alliance against Hunger and Poverty. In the six months since then, the alliance has gained more than 180 members, including 95 countries. Benin, Ethiopia, Mozambique, Kenya, Rwanda, Tanzania and Zambia were selected for accelerated implementation of Global-Alliance projects. These programmes will focus on areas such as family farming, school meals, access to water, income transfers and sustainable livestock. During this week we discussed ways to expand engagement of African countries through this initiative. I am convinced that cultural, economic and political affinities between Brazil and African nations are essential elements for building the more egalitarian world we all seek. Africa, after all, has always been a presence in the formation of Brazil. I have often said that Africa is part of Brazil and that Brazil is part of Africa. More than half of the 212-million Brazilians acknowledge African ancestry. We share the Portuguese language with six African countries. Africa's contribution to the ethnic and cultural diversity of Brazil is immeasurable. We owe our very way of being to Africa. My relationship with Africa runs deep. In Addis Ababa, last year, I completed my 21st visit to the continent. With each journey, my admiration for Africa and its peoples is reinforced. The dialogue that took place between Brazil and Africa is a landmark in the historical and strategic relationship that unites our peoples. Strengthening relations with the countries of Africa is a priority of my administration, reflecting historic ties, shared values, convergent interests and a commitment to co-operation based on solidarity, mutual respect, and the promotion of social inclusion and sustainable development.
