The Federal Minister of Investment in Pakistan, Waqar Ahmed Khan, said this week that the government plans to sell or lease 1 million acres of farmland to foreign investors, primarily from Saudi Arabia and other Gulf countries. Although the news has yet to gain much coverage, if carried out it could punctuate growing unrest and frustration, given Pakistan’s limited amount of arable land and population of more than 170 million.
A cash-strapped Pakistani government plans to sell or rent one million acre land to foreign countries for agricultural purposes in a bid to underpin the country’s troubled economy. “A complete legal cover will be provided to the investors so that even in case of the change of government, they should not be affected.”
Pakistan is offering one million acres of farmland, protected by a special security force, for lease or sale to countries seeking to secure their food supplies, an official from the ministry of finance said on Monday.
Essentially, the Middle East is left with two choices. “The region has to import. The question is, invest abroad or rely on the free market?” said Dr Eckart Woertz, program manager in economics at the Gulf Research Center in Dubai.
Pakistan has offered UAE investors an opportunity to invest in corporate farming projects back home as a means to secure the UAE's food supplies.
A conference for fund managers tied to agriculture held annually in Sydney by Austock, an Australian broker, attracted a few dozen contrarian souls three years ago. This year’s event, which began on March 16th, had to be restricted to several hundred ticket-holders, with many others turned away.
The truth is that if exploitation of a developing country’s natural resources by the West is colonialism, so it is when rich countries of the South do the same.
China and the Middle East countries will invest in horticulture sector of Pakistan to the tune of $5 billion during the current year 2009, an official of Agribusiness Support Fund (ASF) said Wednesday.
Perhaps the UN’s hand-wringing is just sentimental. Deals will be done and the rush to buy land has begun in Europe, too.
Investors of State of Qatar have expressed their interest for making investments in agriculture and fisheries sectors in coastal areas of Balochistan, and they will soon set up their industrial, agricultural and trade units in the coastal areas of the province.
With land prices falling, now is a good time for the UAE to acquire farmland in other countries, in order to strengthen food security, a senior official says.
Saudi Arabia and the UAE are worldwide leaders in buying farmland in third-party countries, followed by China and Japan, says the World Bank.
