PBF says agri-sector capable of doubling $3b contribution

Pakistan Business Forum (PBF) Vice President Jahan Ara Wattoo stated that Pakistan’s agriculture sector holds great potential, and its current contribution of $3 billion to the economy could be doubled with viable approaches covering all aspects of this vital sector and addressing stakeholders’ concerns. Addressing a workshop on Saturday, she highlighted the urgent need to control cartels in commodity markets to enable the crop component of the agriculture sector to yield tangible results. She noted that the government has high expectations from cotton growers and cited the example of when it declared an indicative price of Rs8,500 per 40kg, leading to a strong revival of crops and doubling production in just one season. However, once cotton started arriving in the market, the price crashed to Rs6,500 per maund as market cartels exploited the farmers.