‘Agricultural revolution on horizon’

Federal Minister for Finance, Muhammad Aurangzeb, stated that Pakistan’s current economic outlook can empower our private and financial sectors to revolutionise agriculture in the country. Speaking at the concluding session of the Pakistan Agricultural Coalition’s conference ‘Agri Connections 2024’ on Thursday, he highlighted robust growth in the agriculture sector, declining inflation rates, a strong rupee, remittance inflows, rising forex reserves, and a buoyant stock market as stable macroeconomic indicators underscoring the country’s improved economic outlook.

Aurangzeb mentioned the expectation of receiving a $1 billion tranche from the IMF and the influx of dollars from a bumper rice crop.

Meanwhile, Ahsan Rana, Associate Professor at LUMS, criticised the country’s overly regulated seed system, attributing it to Pakistan’s low ranking in this domain according to the World Bank. He advocated for voluntary compliance, limited enforcement, a two-tier system for seed companies, and a regulatory shift towards facilitation.

Maria Saleem, GM Agri-Business at Fatima Group, highlighted the potential yield enhancement in wheat and the opportunity to earn billions through crops like Canola/raya, suggesting investment in R&D for specialty crops and promoting corporate farming.

Hasan Raza of Neelum Seeds urged private sector-led investment in seed and modern technology, advocating for a liberal seed policy akin to that in the US. Thai Union, CEO, Nabeel Chaudhry proposed utilising brackish land in Punjab for shrimp farming, potentially earning $2 billion through exports. Sam Knowlton, a global expert on regenerative agriculture, highlighted declining nutritional quality of staple crops and substantial crop losses despite increased pesticide use.

Florence Rolle, Country Manager of the Food and Agriculture Organisation of the United Nations, discussed Pakistan’s participation in the Hand-in-Hand Investment Forum in Rome, aiming to promote private sector investment in agriculture and address issues of neglect and inefficiency.

Olivier Durand, Senior Agricultural Economist at the World Bank, highlighted low productivity, sparse professional organisations, and inadequate rural storage as key challenges for Pakistan’s agriculture.

Published in The Express Tribune, April 26^th, 2024.

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