Pakistan’s record-breaking MoUs worth $ 434 million signed at FoodAg20024 mark a significant step towards a promising future. With a target of $ 60 billion in exports in the next few years, Pakistan is set to usher in a new era of development and progress. Under the leadership of Minister Jam Kamal Khan, the Ministry of Commerce has outlined a plan to expand the production capacity and economy of farmers in Pakistan, ensuring food security in the country and surplus quantity for global export.
Speaking to the media, Minister Jam Kamal Khan lauded FoodAG 2024 for managing an extremely well-orchestrated platform that brings together the business community, traders, and manufacturers from Pakistan and beyond. He proudly noted the participation of approximately 800 delegates, 350 Pakistani companies engaged, and approximately 450 stalls offering small business holders from the region, calling it a major achievement for Pakistan. The 75 countries participating in this generous trade event signify Trust’s success in the Pakistani trade sector.
“Agriculture is a sector that forms the backbone of our country, yet it remains to be explored to its extensive potential. The event catered for small to medium business owners from far-flung areas and the interiors of the country, ranging from Musakhel to Panjgur. This Agro-food festivity is not only a means to expand the trade capacity of Pakistan but also enables the commoner to become self-sufficient and independent financially through engaging in home-based/ small businesses that can easily be taken up while adding greatly to the overall growth of Pakistan.”
“Trade is the backbone of our country, and this three-day event has demonstrated that Pakistan has a significant capacity for value addition.” The Minister praised the exhibition’s pivotal role in fostering connections between foreign delegates, media, and regulators from 55 countries with Pakistan’s exporters. These connections have led to the formation of beneficial ideas and long-term partnerships aimed at transforming the global food landscape.
“World-renowned chefs visiting this exceedingly successful event also depict how food and agriculture are gaining momentum and encouraging international chefs to direct their interest towards Pakistani cuisine and to take it back with them. This will assist in creating an international demand and thus a global market for Pakistani food products and cuisine,” the minister stated.
On a query related to the trade deficit and lack of trust of foreign investors, Minister Jam Kamal Khan clarified that this event at the biggest stage of business delegate’s attendees signifies the major role being played by companies and their willingness to attend. This reinforces the betterment of the trust deficit created in the previous years due to several concerns- including security and political stability. He further noted that Pakistan has experienced a remarkable surge in exports during the financial year 2023-24, attributing this success to collaborative efforts by the government and the business community. There is a scope for many markets to be tapped and those existing to multiply. Despite the challenges faced by Pakistan, The Ministry of Commerce and TDAP have been able to pull a gigantic leap in the trade market from $5 Billion to $ 8.5 Billion.
“Pakistan traders have the capacity not only to expand but tap into new areas of trade generation. TDAP and our traders have worked tirelessly to ensure that the existing potential doesn’t go to waste. Trade relies heavily on the grower and is not entirely based on the willingness of traders; this becomes an intertwined web of dealings that the Ministry of Commerce is undertaking.” He stated as he addressed a query.
Circling back to the event, he expressed his gratitude at its success: “$107 million worth of MOUs have been realised so far, while $434 million worth of MOUs were signed over the first day of the event. This has just resulted from a two-day response to this successful event, which shows that trade and commerce in Pakistan is up and running, unlike the general perception of mistrust rumoured to have pervaded.”
“Today’s event is a testament to the international interest in Pakistan as a trading partner. Foreign delegations are eager to explore opportunities and build stronger trade ties with Pakistan,” he concluded, instilling a sense of pride and confidence in the audience about Pakistan’s global standing.
Chief Executive of TDAP, Mr Muhammad Zubair Motiwala, also spoke occasionally and briefly discussed the fear of some of the MoUs signed between foreign buyers and local exporters.
