Showcase Untapped Potential at Global AgriTech Conference
Experts Advocate for Harnessing Arid Lands at International AgriTech Conference
KARACHI:
Business leaders and industry experts at the International Conference on AgriTech Trade and Investment have called for the strategic development of Pakistan’s untapped arid lands to boost the country’s agricultural output and exports. The conference, part of the three-day 25th ITCN Asia 2024 held at Karachi’s Export Centre, highlighted the significant potential of Pakistan’s agricultural sector.
Organized by Ecommerce Gateway Pakistan Pvt Ltd, the event drew attention from prominent figures in the industry. Mohammad Atif Hanif, CEO of Al-Barka Bank Pakistan Limited, emphasized the vast opportunities within Pakistan’s agriculture sector. Despite the country feeding 250 million people and exporting $8 million worth of agricultural products, Hanif believes the potential remains vastly underutilized.
“With an average yield of 50% per acre across nearly all crops, Pakistan has the capacity to greatly enhance its agricultural output. A mere 10% increase in yield could allow us to feed another nation, showcasing our considerable export potential,” Hanif stated.
He also addressed the issue of financial inclusion, noting that 100 million adults in Pakistan lack bank accounts, with 75% of them involved in agriculture. Out of this significant unbanked population, only 2.5 million have access to agricultural loans.
Hanif pointed to international success stories, such as Ecuador’s transformation into the world’s largest shrimp exporter within a decade due to corporate investment. Similarly, Pakistani textile companies have begun investing in shrimp farming, leveraging the country’s 1,000 km coastline. These initiatives are expected to produce substantial results as Pakistan explores corporate farming.
Hanif also discussed the global Halal food market, valued at $1 trillion, highlighting Pakistan’s potential with its Halal food exports already surpassing $500 million. He identified the olive sector as another area ripe for growth, noting that while Spain dominates global olive production, Pakistan’s underutilized arid lands could yield 1.5 times Spain’s output.
Zubair Motiwala, CEO of the Trade Development Authority of Pakistan (TDAP) and Chairman of the Businessmen Group (BMG), shared his vision for enhancing Pakistan’s export capabilities. Motiwala emphasized that textiles, which account for 70% of the country’s exports, face challenges such as high utility costs and rising interest rates.
He advocated for value-added agricultural products to drive export growth. “Pakistan has 54 million hectares of cultivable land, yet less than 50% is utilized. We must expand our agricultural activities both vertically and horizontally,” Motiwala said. He underscored the need for mechanized farming, improved seed development, and efficient communication from farms to markets. The potential for high-value packaging of crops like maize and rice could significantly elevate their export value.
Motiwala also noted that value-added agricultural products could command up to seven times higher prices than raw commodities, while also creating employment opportunities within the sector.
Saquib Fayyaz Magoon, Senior Vice President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), shared optimistic statistics demonstrating that agricultural technology had driven a 6.25% growth in the sector for 2023-2024, with crop growth reaching 11.03%. He emphasized that these figures are merely the beginning of Pakistan’s agricultural potential.