Muhammad Aurangzeb highlights potential in Pakistan's agriculture sector

Pakistan's economic landscape is poised for transformation, with the Federal Minister for Finance, Muhammad Aurangzeb, emphasizing the potential for the private and financial sectors to drive innovation in agriculture. Speaking at the 'Agri Connections 2024' conference, Aurangzeb highlighted positive indicators such as robust growth in agriculture, declining inflation rates, a strong rupee, remittance inflows, rising forex reserves, and a buoyant stock market. He also mentioned the anticipated $1 billion tranche from the IMF and the boost from a successful rice crop.

However, concerns were raised by Ahsan Rana of LUMS regarding Pakistan's restrictive seed system, which has led to a low ranking in global assessments. Rana proposed a more flexible approach with voluntary compliance and a shift towards facilitation in regulations. Maria Saleem from Fatima Group underscored the potential for yield improvement in wheat and the profitability of crops like Canola/raya, advocating for investment in research and development for specialty crops.

Private sector involvement was a recurring theme, with Hasan Raza of Neelum Seeds and Nabeel Chaudhry of Thai Union both advocating for increased investment in modern technology and exploring new avenues such as shrimp farming on brackish land. Global expert Sam Knowlton highlighted concerns over declining crop quality and substantial losses despite higher pesticide usage.

The involvement of international organizations like the Food and Agriculture Organisation of the United Nations and the World Bank underscored the need for addressing challenges such as low productivity, limited professional organizations, and inadequate rural storage facilities in Pakistan's agriculture sector. The Hand-in-Hand Investment Forum in Rome aimed to promote private sector investment and tackle issues of neglect and inefficiency.

In conclusion, the insights shared at the conference point towards a promising future for Pakistan's agriculture sector, with a clear emphasis on innovation, investment, and regulatory reforms to drive sustainable growth and profitability.