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July 20, 2019

World Bank mission visits LCCI

Business

July 20, 2019

LAHORE: A four-member World Bank mission on Friday briefed representatives of the Lahore Chamber of Commerce and Industry (LCCI) about the Strengthening Markets for Agriculture and Rural Transformation in Punjab (SMART) programme, a statement said.

During a meeting with LCCI President Almas Hyder, the World Bank Mission, headed by Hans Johannes said that the objective of the SMART programme is to increase the productivity of crop and livestock farmers in Punjab.

Hyder said agriculture is a vital sector of Pakistan’s economy, as it contributes 18.5 percent to GDP and provides employment to 38.5 percent of the total labour force.

The growth rate of agriculture sector in 2018/19 was just 0.85 percent. If Pakistan has to achieve a growth rate of 6 to 7 percent and wants to become a competitive economy in the region, the growth of agriculture sector needs to be enhanced, he added.

No genetic modification programme exists to develop livestock sector, he said, adding that genetic improvement is required in the livestock breeds to enhance the dairy sector productivity. Agriculture marketing laws should be amended so that large companies can procure agriculture commodities directly from the farmers rather than the middlemen.

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