Held as a pre-Summit event from 12 to 13 November, the forum is organized within the context of the World Summit on Food Security, taking place from 16 to 18 November in Rome, Italy, according to an FAO news dispatch.
Diouf said because Investments needed in developing countries from Official Development Assistance (ODA) will be financed with US$ 44 billion per year, "These will need to be complemented by financing from national budgets and private invesments in primary agriculture and downstream services such as storage and processing."
Diouf said it was encouraging to note that private sector's interest in agriculture had increased, adding that Foreign direct investment (FDI) in the sector tripled since 2000 from US$ 1billion to more than US$ 3 billion in 2007, though this still represented less than one per cent of total world FDI inflows.
The FAO Director-General said private companies should take a longer-term view of investment and business opportunities in developing regions rather than focusing on immediate needs.
Also taking part in the Private Sector Forum -- which is being organized by the City of Milan and FAO in collaboration with the Milan Expo 2015 - are the Italian Minister for Agriculture, Food and Forestry Policy, Luca Zaia, and representatives from the World Food Programme and the International Fund for Agricultural Development.
The Forum involves over 120 chief executive officers and other leaders from the international business community concerned with all aspects of the food value chain, from production to marketing and distribution.
It gives the private sector an excellent opportunity to advance to the FAO World Summit on Food Security a concrete vision on how businesses can contribute effectively to the fight against hunger and poverty.
"I am tremendously proud that for the first time Milan is hosting an FAO event,' said Letizia Moratti, Mayor of Milan and Special Commissioner for Expo 2015.
'The city has a high concentration of companies active in the field of nutrition and is able to translate the work of several universities and centers specialized in agro-food research into excellence in production.
The FAO forum will showcase our commitment to fighting hunger and boost the city's network of excellence. It will also be an occasion to create opportunities for agro-food companies in new markets.
"The partnership with FAO is essential for increasing awareness in food security and developing the theme of the Expo," said Lucio Stanca, CEO of the Milan Expo 2015 Spa.
Nairobi - 13/11/2009
Pana
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