Global food and agriculture producer Cargill on Thursday 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.
The announcement was made after a meeting between Prime Minister Imran Khan and other senior government officials, and Cargill's global executive team at PM Office.
Cargill's team was led by head of Global Strategy and Cargill Asia Pacific region chairman, Marcel Smits, and Cargill Agricultural Supply Chain President Gert-Jan Van Den Akker.
Both sides discussed the company's future investment plans, a press release issued by PMO said. Cargill, which has a strong focus on Asia, intends to partner with Pakistan to bring its global expertise and investment into the country.
Cargill's proposed investments are expected to support Pakistan's overall economic development and contribute to local employment.
The company's strategy includes expansion across agricultural trading and supply chain, edible oils, dairy, meat and animal feed businesses, while ensuring safety and food traceability.
Cargill is expected to use employ its world class 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.
The visiting delegation informed the prime minister that Cargill intended to invest in Pakistan as far back as 2012 but were discouraged by mismanagement, corruption and non-availability of level playing field during the previous governments.
Prime Minister Khan welcomed Cargill's proposed plans for investment in the area of agriculture development, import substitution and enhancement of agricultural products.
He highlighted the efforts of the government towards ensuring transparency, providing the business community with a level playing field and improving ease of doing business in the country.
The prime minister assured the delegation of the government's full support.