Business | Investment
Gulf investors to enter Pakistan's farm sector
UAE and Gulf investors pledged Dh11 billion ($3 billion) in Pakistan's agriculture and dairy sector, a statement said.
- Staff Report
- Published: 00:30 May 2, 2008
Dubai: UAE and Gulf investors pledged Dh11 billion ($3 billion) in Pakistan's agriculture and dairy sector, a statement said.
"Abu Dhabi Group will set up new sugar mills and making additional agri-dairy investments in Pakistan; Engro Chemicals, which is investing $1.6 billion in the sector over the next three years while the UK Department of for International Development has granted around $50 million to a project for dairy and agriculture investment in the province of Punjab," the statement said.
Abraaj Capital has announced investments in dairy farming and value-added dairy products from a $250 million fund to be announced for Pakistan.
Saudi Arabia's Al Rabie has expressed interest in sourcing tomato paste, citrus pulp, and packed beans from Pakistan
Shaikh Nahyan Bin Mub-arak Al Nahyan, chairman of the Abu Dhabi Group, said, "Pakistan's economy has seen extraordinary progress. A wide range of reforms has been enacted in the areas of taxation, trade and tariffs, banking and finance, industry and agriculture, deregulation and privatisation, fiscal transparency and governance.
"We see the results of these bold measures in high levels of economic growth. The confidence of the private sector is high and international investments are increasing."
More than 100 delegates involved in the agricultural industry, investors, institutions and entrepreneurs gathered at the first Middle East-Pakistan Agriculture and Dairy Investment Forum last week.
More from Investment
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
