Finance Minister Muhammad Aurangzeb highlighted that Pakistan’s current economic conditions offer an opportunity for the private and financial sectors to revolutionize agriculture.
Speaking at the conclusion of ‘Agri Connections 2024’ at the Expo Centre, he emphasized the stable macroeconomic indicators such as robust growth in the agriculture sector, declining inflation rates, a strong currency value, increased remittance inflows, growing forex reserves, and a thriving stock market, which underscore the improved economic outlook of the country.
Aurangzeb expressed the government’s intention to support farm machinery service providers and emphasized the need for expanding modern agricultural warehousing under the EWRs financing framework to facilitate national and international trade of agricultural commodities.
Ahsan Rana, an Associate Professor at LUMS, criticized the overly regulated seed system in Pakistan, which he deemed unsuitable for agriculture’s growth. He advocated for voluntary compliance, limited enforcement, development of a two-tier system for seed companies, and transformation of the regulator into a facilitator.
Maria Saleem, GM Agri-Business at Fatima Group, highlighted the potential economic benefits of enhancing wheat yields and diversifying agricultural crops. She suggested that freeing up cotton land for wheat and canola/raya cultivation could generate significant additional revenue for Pakistan through increased production and reduced reliance on edible oil imports.
