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News:Horticulture exports may fetch $1bn by 2012 LAHORE: Linking finance to horticulture competitiveness will achieve $1 billion export by 2012, said Javed Malik, Additional Secretary Ministry of Finance on Saturday. Chairing the 3rd meeting of the Sub-Committee for Horti-business Finance, Malik said that finance is considered as an essential but underemphasized issue in the horticulture. There is a need to develop effective policy tools to link finance to innovation and competitiveness and identify innovative projects in the horticulture sector, he added He said at a meeting last month, the task force was informed that a few crucial steps needed to improve the financial situation of the sector. The Task Force has been established under the auspices of the Ministry of Finance headed by Dr. Salman Shah, Advisor to the Prime Minister on Finance, Economic Affairs, Revenue and Statistics. The world horticulture market is valued at $80 billion to which Pakistan contributes $170 million annually. In Pakistan only 16% of fruits are being processed, although, this activity offers great opportunities to augment volume of value added products using modern technology. Pakistan’s horticulture export industry share in the world market has risen steadily from about 5% in 1991 to 12% in 2004. The potential markets for Pakistan’s exports have been identified in Europe and the Middle East. The Competitiveness Support Fund (CSF) was tasked by the Ministry of Finance to undertake a comprehensive study entitled “The Competitive Advantage of the Food Processing Industry: Focus on Quality, Safety and Standards.” Following this study, CSF undertook more specific work on horticulture, a sub-sector of agriculture accorded national priority by the Government of Pakistan. Support for CSF is part of the $1.5 billion in aid that the US government is providing to Pakistan over five years to improve economic growth, education, health, and governance. Stakeholders including representatives of horticulture exports, senior officers of the commercial banks and the State Bank of Pakistan also attended the meeting. staff report |
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