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January 18, 2019

Top US grains trader toinvest over $200 million in Pakistan

Business

January 18, 2019

ISLAMABAD: The US-based grains trader Cargill Inc on Thursday announced its plans to invest more than $200 million in next three to five years to expand its business in Pakistan, focusing on farm/livestock commodities' trade.

This announcement was made during a between Prime Minister Imran Khan and Cargill’s executive team, a company statement said.

The Cargill’s team led by Marcel Smits, head of Global Strategy and Chairman, Cargill Asia Pacific region, and Gert-Jan van den Akker, president, Cargill Agricultural Supply Chain met with the premier and other senior government officials to discuss the company’s future investment plans.

The statement said Cargill’s strategy includes expansion across its agricultural trading and supply chain, edible oils, dairy, meat, and animal feed businesses while ensuring safety and food traceability.

“Cargill will bring innovations to support Pakistan’s dairy industry, which is already moving toward modernisation amid rising demand for edible oils, backed by evolving consumption patterns and a growing market for animal feed driven by sustained progress made by the poultry industry in Pakistan,” the company said. It added that Cargill’s proposed investments would support Pakistan’s overall economic development and contribute to local employment.

Imran Nasrullah, Country Head, Cargill Pakistan, said having been in Pakistan for more than 30 years, the company was happy to demonstrate its commitment to the country’s future through investment in its business and communities here.

“Finalising one of our first investments in the agricultural supply chain in Pakistan is our top priority,” Nasrullah added.

“We have received a very positive response from the Pakistani government and we value their support as we expand our presence here, helping industries, farmers and communities succeed.”

Going forward, Nasrullah said, the company would work to improve food security, thereby contributing to the social development of the country. “This is in line with the company’s overall objective of nourishing the world,” the Cargill Pakistan head added.

Cargill’s 155,000 employees across 70 countries work relentlessly to achieve our purpose of nourishing the world in a safe, responsible and sustainable way, the company’s mission statement says.

“Every day, we connect farmers with markets, customers with ingredients, and people and animals with the food they need to thrive,” it adds.

The mission statement further says the company combines 153 years of experience with new technologies and insights to serve as a trusted partner for food, agriculture, financial and industrial customers in more than 125 countries.

“Side-by-side, we are building a stronger, sustainable future for agriculture.”

Cargill started its Pakistan operations in 1984 and is involved in refined oils, animal feed, grains & oilseeds, cotton, sugar and metals.

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