KARACHI: Business deals worth $107 million have been realised so far while, $434 million worth of MOUs were signed on the first day of the FoodAg 2024 exhibition.
Speaking to media on the second day of the event along with Zubair Motiwala, CEO, Trade Development Authority of Pakistan (TDAP), Federal Minister for Commerce Jam Kamal Khan lauded FoodAg 2024 for managing an extremely well orchestrated platform that brings together the business community, traders, and manufacturers from Pakistan and beyond.
He said some 75 countries that partook in this magnanimous trade event signify the success of trust in Pakistani trade sector.
“Today’s event is a testament to the international interest in Pakistan as a trading partner. Foreign delegations are eager to explore opportunities and build stronger trade ties with Pakistan,” he said.
He expressed his gratitude at the success of the event and informed that $107 million worth of MOUs have been realised so far while $434 million worth of MOUs were signed over the first day of the event.
This shows that trade and commerce in Pakistan is up and running unlike the general perception of mistrust rumoured to have pervaded, he added.
“World renowned chefs that are visiting this exceedingly successful event, is also a depiction of how food and agriculture is gaining momentum and encouraging international chefs to direct their interest towards Pakistani cuisine and to take it back with them,” Jam Kamal said and added that this will assist in creating an international demand and thus a market for Pakistani food products and cuisine, globally.
He said agriculture is a sector that forms the backbone of the country, yet it remains to be explored to its extensive potential.
The event catered small to medium business owners from far flung areas and the interiors of the country ranging from Musakhel to Panjgur.
Jam said this Agro-food festivity is not only a means to expand the trade capacity of Pakistan, but also enable the common man to become self sufficient and independent financially through engaging in home based/ small businesses that can easily be taken up meanwhile adding greatly to the overall growth of Pakistan.
“Trade is the spine on which our country relies…and this remarkable event of three days has proven that Pakistan has a huge capacity for value addition.”
He praised the exhibition for connecting foreign delegates, media, and regulators from 55 countries with Pakistan’s exporters, generating conducive ideas and long-term partnerships aimed at transforming the global food landscape.
On a query related to trade deficit and lack of trust of foreign investors, Minister Jam Kamal Khan clarified that this event at the biggest stage of business delegates attendees signifies the major role being played by companies and their willingness to attend.
This reinforces the betterment of trust deficit that was created in the previous years due to several concerns - including security and political stability.
He said there is a scope for many markets to be tapped and those existing to multiply. Despite the challenges faced by Pakistan, the Ministry of Commerce and TDAP have been able to pull a gigantic leap in the trade market from $5 Billion to $ 8.5 Billion.
“Pakistan traders have capacity to not only expand but tap into new areas of trade generation. The TDAP and our traders have worked tirelessly to ensure that the existing potential doesn’t go to waste” he said.
Motiwala said that approximately 800 delegates and 350 Pakistani companies have participated in the FoosAg2024. Appro-ximately 450 stalls offering small business holders from the region, calling it a major achievement for Pakistan, he added.
Copyright Business Recorder, 2024