Investor trust in Pakistan improves

Jam Kamal for exploring extensive potential of agriculture sector

KARACHI:

Federal Minister for Commerce Jam Kamal Khan has said that the agriculture sector needs to be explored to tap its extensive potential as it forms the backbone of Pakistan's economy.

Speaking to media at the FoodAg 2024 exhibition at the Karachi Expo Centre on Saturday, the minister emphasised that the lack of trust of foreign investors, earlier caused by political and economic concerns, had improved as a large number of business delegates and companies were attending the fair.

He noted the surge in Pakistan's exports during financial year 2023-24, which was due to the success of collaborative efforts of the government and business community. He saw the potential to enter many new markets and multiply the country's share in the existing ones. "Despite challenges, the Ministry of Commerce and the Trade Development Authority of Pakistan (TDAP) have been able to achieve a gigantic leap in trade markets," he said.

The minister underscored that Pakistani traders had the capacity to not only expand but tap new areas of trade. "TDAP and traders work to ensure that the existing potential doesn't go to waste. Trade relies heavily on growers and is not entirely based on the willingness of traders; this has become an intertwined web of dealings," Khan said while responding to a query.

Claiming success of the event, he announced that $107 million worth of memoranda of understanding (MoUs) had been realised so far, while $434 million worth of deals were signed on the first day of the event.

"This is just a two-day response to this event, which reflects that trade and commerce in Pakistan is up and running unlike the general perception of mistrust," the minister remarked. He called the exhibition a testament to the international interest in Pakistan as a trading partner as foreign delegations were eager to explore opportunities and build stronger trade ties.

Khan praised the FoodAg 2024 for managing a well-orchestrated platform that brought together the business community, traders and manufacturers from Pakistan and beyond.

He observed the participation of approximately 800 delegates and 350 Pakistani companies. Some 450 stalls were offered to small business owners from the region.

The event provided a useful platform to small and medium businesses from far flung areas of the country from Musakhel to Panjgur. This festivity is not only a means to expand the trade capacity of Pakistan, but also enables the common man to become self-sufficient and independent financially through engaging in home-based, small businesses that can easily be taken up while contributing to the overall growth of Pakistan.

"Trade is the spine on which our country relies; this remarkable three-day event has proved that Pakistan has a huge capacity for value addition," the commerce minister added.