MANILA, Philippines—Increasing global rice stocks and thin demand may deflect a repeat of last year's food crisis that drove grain prices to record highs, but the director general at the International Rice Research Institute (IRRI) warned against the risk of the global recession curbing investments in agricultural infrastructure, reported Reuters.
IRRI’s Robert Zeigler estimated that billions of dollars a year need to be invested in infrastructure such as new irrigation systems and new technology to boost yields in rice fields.
"I'm worried that we won't make the necessary investments and we're going to see continued pressure on the ability to meet global demand," he said, speaking in Manila as part of the Reuters Food and Agriculture Summit. "We're certainly relieved that the pressure is off the market to some extent but let's not suffer under the illusion that the problems have been solved, because fundamentally, nothing's changed."
