Food and agriculture giant Cargill pledges $200mn investment in Pakistan

ISLAMABAD: US-based food and agriculture company Cargill has decided to invest $200mn in Pakistan in agriculture, dairy farming, and cooking oil sectors, ARY News reported on Thursday.

Marcel Smits, Chairman of the Asia Pacific and Head of Corporate Strategy at Cargill called on Prime Minister Imran Khan on Thursday and discussed various investment avenues in the country.

The company, with operations in 70 countries of the world, specialises in food products, agriculture, livestock, dairy-farming, and food ingredients.

Smits told the PM Khan that the company would invest the amount in the next three to five years.

“Cargill wants to promote international standard dairy farming in Pakistan, which will not only contribute to its economy regarding revenue but will also provide employment opportunities to locals”, Smits was quoted as saying.

Smits also noted that the current government was gaining international acclaim due to its transparency, saying that they had to wrap-up their business from Pakistan in 2012 due to the then government’s mismanagement and mala fide intentions.

Prime Minister Imran Khan welcomed the company’s decision to invest in the country and assured Smits of his government’s full support.

“Cargill will be facilitated in the import-related matters and will be provided with the best opportunities for investing in Pakistan”, the prime minister was quoted as saying.

PM Khan also said that the government was committed to facilitate the business community and the investors, stressing that transparency and streamlining of procedures was a priority of the government.

He also said that the federal government would cooperate with Cargill on all levels.