Saudi Arabia signs international coffee agreement

RIYADH: Saudi Arabia signed the International Coffee Agreement 2022 at the International Coffee Organization’s headquarters in London on Tuesday.

The Kingdom’s ambassador to the UK Prince Khalid bin Bandar signed the trade treaty.

Under the agreement, governments, in collaboration with the private sector and civil society, will come together to determine initiatives that support a more prosperous and sustainable future for stakeholders within the global coffee value chain.

The executive director of the ICO Vanusia Nogueira said she hoped the Kingdom joining the agreement will “bring a unique new flavour to our global community.”

“Together in the spirit of international cooperation, we celebrate the diversity of coffee traditions and jointly undertake to safeguard, promote, and sustain the sector.

“I am sure that our collaboration will thrive as we foster a future where we continue to savour the richness of coffee while advocating for all aspects of sustainability,” Nogueira added.

Prince Khalid said the Kingdom’s coffee sector is growing fast and “is an important part of our plans for the future and the change we wish to bring to our country as it contributes to diversifying the national economy.”

“The Public Investment Fund launched the Saudi Coffee Company in May 2022, which is investing $319 million over the next ten years to support the growth of the national coffee industry, with the goal of boosting the country’s production from 300 tons per year to 2500 tons per year, and focusing on achieving sustainability, across the production, distribution and marketing aspects of the coffee supply chain,” the envoy added.

He continued: “We see ICO, and this updated agreement, as a key to achieving our hopes and ambitions for the coffee industry locally and globally, and we look forward to working with colleagues at ICO to secure a positive and thriving future for coffee in the years and decades to come.”