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SINGAPORE – Singapore has started importing frozen shrimp from Saudi Arabia, a first for the Middle Eastern kingdom, as part of its efforts to diversify its supply chains to safeguard food security.
The move could lead to more trade between the two countries as they begin to analyze the products available on both sides, Trade and Industry Minister Chan Chun Sing said at an event to mark the shrimp trade on Wednesday (25 de November).
He said: “Before this, I think very few of us would have thought about importing shrimp from Saudi Arabia. It doesn’t come to mind. But now that we know this can be done, and it can be done in one of a very competitively priced, then we can explore with the Saudi Arabian embassy and suppliers what other products they can offer.
“Similarly, these Saudi suppliers have also seen products available both in Singapore and in the region, which could also bring back to Saudi Arabia. This is how the nature of trade flows continues to improve and as we move forward, the price of logistics will continue to decline, because people become more efficient. “
Seafood Company Managing Director Kenneth Chua told reporters at the FairPrice store event in VivoCity that around 60 tons of shrimp have been imported so far, with another 60 tons expected to be here by the end of the year. .
The shrimp, which comes from the Red Sea, is currently supplied to FairPrice, as well as other restaurant and food stall owners.
Seah Kian Peng, CEO of the FairPrice Group, said Singapore prawns are imported from all over the world. This includes closer countries like Thailand, Malaysia, and Indonesia, and as far away as Canada and Ecuador.
“This shows that we continue to diversify our sources so that at any time, there will be minimal disruption, hopefully no supply disruptions. At the same time … consumers can expect something that is (competitive) in terms of taste, quality and price, “he said.
Shrimp from the Red Sea are sold for $ 13.90 for 800g. They come at a very high price, as they are known for their rich flavor, thanks to the high salinity of the Red Sea compared to seawater in other parts of the world.
Other types of frozen shrimp from places like Vietnam and China sell for around $ 10 per 1kg.
Singapore currently imports food from more than 170 countries and regions.
Chan said on the sidelines of the event that Singapore is constantly on its feet to diversify its food supply chains.
He added: “At this point, it is not enough to say which supply chains might be disrupted. Most importantly, we have an idea of which supply chains might be disrupted in a few weeks or a few months, so that we can order and secure supplies early. “
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