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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
  • Gulf News

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.

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