New Era of Agricultural Revolution: What’s on the Horizon
Published on: May 4, 2024.
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Federal Minister for Finance Highlights Positive Economic Outlook for Pakistan’s Agriculture Sector
In a recent conference titled ‘Agri Connections 2024’, Federal Minister for Finance, Muhammad Aurangzeb, expressed optimism about Pakistan’s current economic outlook and its potential to positively impact the agriculture sector. He emphasized the strong growth in agriculture, declining inflation rates, a robust rupee, remittance inflows, rising forex reserves, and a buoyant stock market as indicators of the country’s improved economic condition.
According to Aurangzeb, Pakistan is expecting a $1 billion tranche from the IMF and will benefit from the revenue generated by a bumper rice crop.
Ahsan Rana, Associate Professor at LUMS, criticized the country’s excessively regulated seed system, attributing it to Pakistan’s low rank in this domain according to the World Bank. To address this issue, Rana advocated for voluntary compliance, limited enforcement, a two-tier system for seed companies, and a shift towards facilitation in regulations.
Maria Saleem, GM Agri-Business at Fatima Group, highlighted the potential for increased yield in wheat and the opportunity to generate significant revenue through specialty crops like Canola/raya. She suggested investing in research and development for these crops and promoting corporate farming.
Hasan Raza of Neelum Seeds urged private sector-led investment in seeds and modern technology. He proposed adopting a liberal seed policy similar to that of the United States. Nabeel Chaudhry, CEO of Thai Union, proposed utilizing brackish land in Punjab for shrimp farming, which has the potential to generate $2 billion through exports. Sam Knowlton, a global expert on regenerative agriculture, highlighted the decreasing nutritional quality of staple crops and the significant crop losses despite increased pesticide use.
The Country Manager of the Food and Agriculture Organisation of the United Nations, Florence Rolle, discussed Pakistan’s participation in the Hand-in-Hand Investment Forum in Rome. The forum aims to promote private sector investment in agriculture and address issues of neglect and inefficiency.
Olivier Durand, Senior Agricultural Economist at the World Bank, identified low productivity, inadequate rural storage facilities, and a lack of professional organizations as key challenges for Pakistan’s agriculture sector.
Overall, the conference provided valuable insights into the potential for growth and improvements in Pakistan’s agriculture sector.
Source: The Express Tribune
