Global food and agriculture producer Cargill renewed its long standing commitment to Pakistan by announcing plans to invest more than $200 million in Pakistan in the next three to five years.
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Food and agriculture group Cargill Inc. will invest some $200 million in Pakistan over the coming three to five years in sectors ranging from dairy, to edible oils and animal feed, the prime minister’s office in Islamabad said. “Cargill’s proposed investments will support Pakistan’s overall economic development and contribute to local employment,” it said in a statement following a meeting between company executives and Prime Minister Imran Khan. The announcement comes as Pakistan, grappling with a severe squeeze on its foreign exchange reserves, has stepped up efforts to stabilze its economy and attract international investors.
Privately owned Cargill will expand its operations across the agricultural trading and supply chain, edible oils, dairy, meat and animal feed, the government statement said. Cargill will bring world class innovations to support the flourishing dairy industry in Pakistan, which is already moving toward modernization, as well as the rising demand for edible oils backed by evolving consumption patterns and a growing market for animal feed driven by sustained progress made by the poultry industry in Pakistan. Cargill’s proposed investments will support Pakistan’s overall economic development and contribute to local employment.
“Having been in Pakistan for more than 30 years, Cargill is happy to demonstrate our commitment to the country’s future through investment in our business and communities here. Finalizing one of our first investments in the agricultural supply chain in Pakistan is our top priority. We have received a very positive response from the Pakistani government and we value their support as we expand our presence here, helping industries, farmers and communities succeed,” said Imran Nasrullah, country head, Cargill Pakistan.
Cargill is expected to use employ its innovations to support the flourishing dairy industry in Pakistan, which is already moving toward modernisation, as well as the rising demand for edible oils backed by evolving consumption patterns and a growing market for animal feed driven by sustained progress made by the poultry industry. Cargill started its Pakistan operations in 1984 and today has business interests in refined oils, animal feed, grains & oilseeds, cotton, sugar and metals. Cargill is one of the largest suppliers of palm oil and soybeans and cocoa powder to Pakistan. With the head office in Karachi, Cargill currently employs 50 people in Pakistan.