KARACHI, Aug 11: Memorandums of understanding (MoU) worth $107 million were redeemed while MoUs worth $434m were signed on the first day of FoodAg at Karachi Expo Centre, federal Commerce Minister Jam Kamal Khan said on Saturday.
"This goes to show that trade and business in Pakistan is up and running, belying the perception that this country is not seen as a good investment destination by the international community," the minister said.
The three-day FoodAg kicked off on Friday and would conclude on Sunday.
"Today's event is a testament to international interest in Pakistan as a trading partner. Foreign delegations are eager to explore opportunities and build strong trade ties with us," Jam Kamal Khan observed.
Almost 800 delegates and 350 Pakistani companies have taken part in the extravaganza. Around 75 countries are represented in the event.
He said even though agriculture is the backbone of the country's economy, its full potential has yet to be realised. The event caters for small and medium-sized agricultural businesses from far-flung areas of the country, he added.
"Participation of renowned chefs from other countries speaks of their interest in Pakistani cuisine and hopefully they will spread a good word about this country upon their return home," the minister said. "This will help create demand for Pakistani food products abroad."
Jam Kamal Khan said the big turnout at FoodAg proved that businessmen and companies were keen to put their money where it is safe and that it was not impossible to remove the trust deficit created over the years due to security concerns and political instability.
Earlier, Jam Kamal addressed a Pakistan-China trade conference at FoodAg where he called for commitment to strengthening agricultural trade and investment.
He emphasised the importance of utilising the country's agricultural potential with Chinese assistance.
With China's expertise in agricultural innovation and technology, there is immense potential to transform Pakistan's agro-based sector, boost productivity and improve the quality of our exports, the commerce minister said.
He outlined several initiatives aimed at enhancing agricultural collaboration, including the establishment of the Pak-China Agricultural Cooperation Centre, the development of CPEC agricultural demonstration zones and investment in cold chain logistics to reduce post-harvest losses. —Dawn
