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Pakistan and China Strengthen Agricultural Cooperation with $382 Million Agreement

Pakistan and China Strengthen Agricultural Cooperation with $382 Million Agreement
Pakistan and China Strengthen Agricultural Cooperation with $382 Million Agreement 625 409 D. I. Khan New City

At the China International Fair for Trade in Services (CIFTIS) in Beijing, a significant $382 million agricultural cooperation agreement was signed between International Innovation Park Limited EPZ and China National Cereals, Oils and Foodstuffs (COFCO). This landmark deal is set to enhance agricultural trade and collaboration between Pakistan and China, offering new growth opportunities for both nations.

Boosting Pakistan’s Agricultural Exports

Pakistan’s Ambassador to China, Khalil Hashmi, expressed his enthusiasm for the agreement, emphasizing Pakistan’s growing trade relations with global economies, especially under the China-Pakistan Free Trade Agreement (CPFTA). He highlighted that this partnership has the potential to expand Pakistan’s agricultural exports, contributing significantly to the country’s economic growth.

Advancements in Digital Transformation for Textiles

In addition to the agricultural agreement, a Memorandum of Understanding (MoU) was signed by Liu Zhai and Naveed Asghar to promote digital transformation in Pakistan’s textile industry. This collaboration aims to introduce advanced technologies, boosting efficiency and productivity within the sector, which is a cornerstone of Pakistan’s economy.

Financial Collaboration Through CIFTIS

Shaikh Muhammad Shariq from the National Bank of Pakistan (NBP) also spoke on the significance of CIFTIS as a platform for international financial cooperation. He highlighted how the event brings together global financial leaders, fostering economic collaboration and opening doors to new opportunities.

Strategic Partnership Between Pakistan and China

Federal Minister Jam Kamal Khan reiterated the importance of Pakistan’s strategic partnership with China. He noted that both countries continue to work closely on various joint ventures, driving mutual economic development across key sectors like agriculture, textiles, and finance. Events like CIFTIS further solidify these ties, playing a pivotal role in promoting shared progress.

This partnership between Pakistan and China marks another milestone in their ongoing collaboration, reinforcing their commitment to innovation, economic growth, and long-term cooperation.

Pakistani farmers harvest their wheat cr

Pakistan’s Rice Exports Surge by 74.8%, Reaching a Record $3.68 Billion
Pakistan’s Rice Exports Surge by 74.8%, Reaching a Record $3.68 Billion 2312 1321 D. I. Khan New City

Pakistan’s rice exports saw an impressive 74.8% increase, reaching a record $3.68 billion in the fiscal year 2023-24. This remarkable growth is attributed largely to India’s export restrictions during the same period.

According to the State Bank of Pakistan, rice exports surged from $2.11 billion the previous year, showing a substantial rise from the five-year average of $2.31 billion. India’s export restrictions, implemented to stabilize domestic prices ahead of elections, created an opportunity for Pakistan to become the largest rice exporter this year.

This boost in rice exports significantly contributed to Pakistan’s overall goods exports, which totaled $31.09 billion—a notable 11.5% increase from the previous year. The food sector, especially rice exports, played a crucial role in this growth.

With India’s export restrictions in place, international buyers turned to Pakistan for their rice needs, leading to increased demand and higher export volumes. This surge not only benefited the agricultural sector but also positively impacted the economy by bringing in more foreign exchange.

The strong performance in the rice export market underscores Pakistan’s potential to compete globally and highlights the importance of strategic market positioning. This growth is a positive indicator for the country’s economic future, showing that with the right conditions and policies, Pakistan can continue to expand its presence in international markets.

Sindh Becomes First Province to Cultivate Jackfruit in Pakistan

Sindh Becomes First Province to Cultivate Jackfruit in Pakistan
Sindh Becomes First Province to Cultivate Jackfruit in Pakistan 1500 1000 D. I. Khan New City

Sindh has made a significant leap in agriculture by becoming the first province in Pakistan to successfully cultivate jackfruit, also known as Kathal. Previously grown only in neighboring countries like India and Bangladesh, this development marks a groundbreaking moment for local farming.

Innovative Cultivation in Sindh

The project is taking place in the fertile areas of Tando Jam and Tando Allahyar. This initiative promises to bring positive changes to the region’s agricultural landscape, offering new opportunities for local farmers.

Economic Opportunities for Farmers

Officials believe that planting jackfruit will create sustainable economic opportunities for local farmers and their communities. Once fully mature, jackfruit trees can produce up to 500 fruits annually, indicating a strong potential for harvest. This new crop not only diversifies Sindh’s agricultural output but also provides farmers with a valuable fruit that can enhance their livelihoods.

Benefits of Jackfruit Cultivation

The introduction of jackfruit farming in Sindh is expected to have several benefits:

  • Economic Growth: The cultivation of jackfruit can lead to increased income for farmers, promoting economic stability.
  • Agricultural Diversity: Adding jackfruit to the region’s crops helps diversify agricultural production, reducing dependency on traditional crops.
  • Sustainable Farming: Jackfruit trees are known for their resilience and high yield, making them a sustainable choice for local farmers.

Conclusion

The cultivation of jackfruit in Sindh represents a promising new chapter for Pakistan’s agriculture. By embracing this innovative project, the province is set to become a leader in agricultural diversity and economic growth. This development highlights the potential for Sindh to enhance its agricultural productivity and provide farmers with new opportunities for success.

Pakistan and Azerbaijan Aim to Boost Bilateral Investments to $2 Billion

Pakistan and Azerbaijan Aim to Boost Bilateral Investments to $2 Billion
Pakistan and Azerbaijan Aim to Boost Bilateral Investments to $2 Billion 800 405 D. I. Khan New City

Pakistan and Azerbaijan have announced plans to significantly increase their bilateral investments, aiming for a target of up to $2 billion. This strategic move is set to enhance economic cooperation between the two nations, benefiting various sectors.

In a joint press conference, Prime Minister Shehbaz Sharif and Azerbaijan’s President Ilham Aliyev discussed the initiation of investments in multiple projects. This agreement represents a major advancement in strengthening economic ties between Pakistan and Azerbaijan.

During their discussions, the leaders oversaw the signing of numerous agreements and Memorandums of Understanding (MoUs) across diverse sectors. These agreements focus on fostering cooperation in energy, technology, agriculture, and infrastructure.

Prime Minister Shehbaz Sharif announced plans to finalize these agreements during his upcoming visit to Azerbaijan in November 2024. He highlighted the immense potential for further collaboration and expressed optimism about the future of Pakistan-Azerbaijan relations.

The discussions underscored the importance of enhancing bilateral trade and solidifying the already strong friendship between the two countries. Through these collaborative efforts, Pakistan and Azerbaijan aim to achieve mutual economic growth and prosperity.

With this significant step towards increased investment, both nations are poised to benefit from strengthened economic ties and shared prosperity.

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