Wednesday October 04, 2023

Local firm signs $1bn deals

By Our Correspondent
March 01, 2022

LAHORE: A Pakistani industrial conglomerate Fatima Group has signed accords of over $1 billion with two agriculture stakeholders – one from China and other from Saudi

Arabia – at Dubai Expo to bring modern precision farming in Pakistan, The News learnt on Monday.

The collaboration aims to unlock untapped land resources of Pakistan by bringing fallow lands under cultivation for sustainable production of crops like rice, barley, oats, silage bales for livestock, and dairy industry under Corporate Agriculture Farming initiative.

China Machinery Engineering Company (CMEC) from China and Sarh Attaqnia Co. (SAC) from Saudi Arabia signed the partnership in a formal meeting held at Pakistan Pavilion during ongoing Agriculture Week at Expo 2020.

“We are grateful to our Chinese and Saudi counterparts who have put their trust and faith in us. I am hopeful that this landmark will lead to many more such partnerships and investment opportunities for future,” said Mian Fawad Ahmed Mukhtar, chairman of Fatima Group also CEO of Fatima Fertilizer Company Limited.

Under the partnership, CMEC, as a technology partner, will help with adaption of climate-smart precision agriculture farm machinery, improved high-yielding seeds, and other crop inputs in Pakistan.

In addition, Sarh Attaqnia will invest in developing a state-of-the-art agriculture value chain encompassing sustainable production, processing, warehousing, and export marketing of grain crops to help ensure regional food security.

Pakistan has over 20 percent of its gross domestic product (GDP) linked with agriculture and about 64 percent of the human resource associated with it.