Sindh govt plans e-trading of agriculture produce

KARACHI: The Sindh government has devised a strategy to develop trading of agriculture produce on modern lines by utilising Pakistan Mercantile Exchange’s (PMEX) e-trading platform, according to a statement on Wednesday.

The Pakistan Mercantile Exchange’s (PMEX) trading platform will provide a chance to growers to access local, as well as international markets.

“The government of Sindh is making consistent efforts to transform conventional agri practices in the province, this is a milestone in this direction to give farmers access to wider market base,” it said.

Trading through e-platform will expedite the process for growers to get the right price for their produce within a stipulated time of 72 hours.

“With an aim to provide benefits directly to the growers the government of Sindh has decided to subsidise the Pakistan Mercantile Exchange (PMEX) trading fee for two seasons through Sindh Enterprise Development Fund (SEDF),” said Naheed Memon, chairperson of the Sindh Board of Investment (SBI).

As a pilot project for two years, 6,000 tonnes of red-chili will be traded annually through Pakistan Mercantile Exchange’s e-trading platform, it said.

Memon said this would be a game changer for agri trading practices in Sindh and the provincial government had plans to replicate the scheme to other commodities.

The provincial government will provide aggregate subsidy of Rs30 million to sustenance growers over the period of two years.

This initiative will provide right price in a timely manner to the farmers, enabling them to invest it timely for other crops.

Premium pricing mechanism will enable growers to invest more through quality inputs, eg, pesticides, etc.

Memon said the Sindh government encouraged the linkage between different stakeholders in the market and promoted a unique idea of trading agriculture produce through e-trading platform.