“We are keen to deepen engagement with the Indian food processing sector; we are evaluating new investment opportunities,” he said.
Saudi Agriculture and Livestock Investment Company (Salic), wholly-owned by Public Investment Fund, will invest in agricultural projects and livestock production by partnering with governments across “multiple geographic areas”, the company said.
“With agriculture contributing over 15% to India’s GDP, there is a significant potential for us to invest in and help develop the Indian food processing sector,” he said.
The Indian food processing sector ranked number five globally is growing at a CAGR of 12% and expected to reach US $730 billion by FY24. It accounts for 32% of India’s food market and has an 11.6% share of employment in the domestic food industry. Low farm productivity, lack of mechanisation, high perishability and inadequate supply chains are some factors that impede food processing and exports.