Over US$3 billion committed to Pakistan agriculture and dairy sector

Investors, institutions and entrepreneurs gathered at the first Middle East-Pakistan Agriculture and Dairy Investment Forum pledged over US$3 billion in new investments to Pakistan's agriculture and dairy sectors, in an event that took place at Madinat Jumeirah on 29 April 2008 with the support of major international names like Nestlé Pakistan Ltd, Tetra Pak, DeLaval, Millac Foods, Habib Bank Ltd., Al Rabie Saudi Arabia and Shakargunj Ltd.

Speaking to a group of more than 100 delegates involved in the agricultural industry, His Highness Sheikh Nahyan Bin Mubarak Al Nahyan, chairman of the Abu Dhabi Group, said, "Pakistan's economy has seen extra-ordinary 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 privatization, 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."

The objective of the Forum was to showcase Pakistan's dairy and agriculture sector for Middle East and Gulf investors, and for compatible Pakistani and Gulf business houses to exchange contacts and experiences, and to network with a view of generating interest in investments and joint venture opportunities in the sector.

Huma Fakhar, managing partner of forum organizers MAP Group, commented on the motivations behind the event, and said, "The attractiveness of Pakistan to GCC investors in general, particularly in the fields of financial services, telecommunications, and real estate makes the agriculture and dairy sector the next frontier for investment. This has especially come to light with recent rises in commodity prices and fears of an impending global food crisis, making room for substantial investment in the sector."