FoodAg Karachi Secures Over $1.2 Billion in Deals

KARACHI: The second International Food and Agriculture Exhibition, FoodAg-2024, concluded on Sunday, marking a historic milestone with over $1.2 billion in deals secured. This three-day event, held at the Expo Centre, showcased Pakistan’s burgeoning agricultural sector and attracted significant global interest.

Highlights of FoodAg Deals

FoodAg-2024, a premier platform for agricultural trade and investment, drew a substantial crowd of over 800 buyers from 75 countries. This year’s exhibition was distinguished by its scale and scope, featuring 330 exporters who presented more than 500 high-quality products. China emerged as the largest delegation, sending over 150 buyers, reflecting the growing interest from one of the world’s largest markets.

The exhibition facilitated approximately 7,000 B2B meetings, a testament to its role as a vital networking hub. These meetings resulted in the signing of 36 Memorandums of Understanding (MoUs), underscoring the significant business opportunities that emerged from the event. Key sectors represented included rice, processed foods, seafood, and a diverse array of fruits and vegetables.

Noteworthy Deals and Contracts

One of the most notable achievements of FoodAg-2024 was the signing of seafood contracts worth $35 million between Pakistani and Chinese companies. This deal highlights the strengthening trade relationship between Pakistan and China, with both nations keen on expanding their cooperation in the seafood sector. The substantial investment also reflects the growing global demand for Pakistani seafood, known for its quality and sustainability.

In addition to seafood, the exhibition generated considerable interest in other sectors, including dairy products, potato seeds, and beverages. The agreements reached during FoodAg-2024 are expected to enhance Pakistan’s export potential in these areas, contributing to the country’s economic growth.

Factory Tours and International Delegations

A key component of FoodAg-2024 was the series of factory tours organized by the Trade Development Authority of Pakistan (TDAP). These tours allowed foreign delegates from Malaysia, Egypt, Tajikistan, Japan, and other countries to visit Pakistani production facilities. The tours aimed to showcase Pakistan’s manufacturing capabilities and foster deeper business relationships.

The factory visits were designed to give international buyers a firsthand look at the quality and scale of Pakistani agricultural production. These interactions played a crucial role in building trust and interest among potential investors and buyers.

Global Cuisine Show: A Culinary Highlight

Another significant aspect of FoodAg-2024 was the Global Cuisine Show, which featured culinary demonstrations by renowned chefs. These chefs used Pakistani ingredients to create innovative dishes, offering attendees a taste of Pakistan’s rich culinary heritage. The show not only captivated media personalities but also attracted international delegations keen to explore Pakistani cuisine.

The Global Cuisine Show served as a platform to highlight the versatility and quality of Pakistani agricultural products. It played a key role in promoting Pakistani food products on the global stage, potentially leading to increased export opportunities.

Key Conferences and Investment Opportunities

FoodAg-2024 also featured several important conferences and seminars aimed at boosting trade and investment. The Pak-China Agri Investment Conference and the Pak-Africa Investment Conference were notable sideline events. These conferences focused on enhancing cooperation in sectors such as aquaculture, meat production, processed foods, and agriculture.

Discussions at this conference emphasized the need for expanded trade relationships and investment opportunities among participating countries. The Federal Minister of Commerce engaged in productive meetings with delegations from various countries, discussing strategies to enhance bilateral trade, agricultural exports, and the development of the Halal products market.

Regulatory and Safety Discussions

A significant aspect of FoodAg-2024 was the involvement of regulatory authorities from 13 countries who held detailed discussions with their Pakistani counterparts. These discussions focused on Sanitary and Phytosanitary (SPS) and quarantine issues, reflecting Pakistan’s commitment to meeting international safety and quality standards.

The engagement with global regulatory bodies highlights Pakistan’s proactive approach to addressing safety concerns and improving its export standards. This commitment is crucial for maintaining and expanding Pakistan’s presence in the global agricultural market.

Business Opportunities in Africa: A Focus on Trade Expansion

As part of the event, a conference titled “Business Opportunities in Africa,” chaired by Ambassador Naeem Khan was held to explore trade and investment opportunities between Pakistan and African nations. This conference aimed to identify and promote potential business ventures in the African market, which is increasingly seen as a key area for growth.

The discussions focused on enhancing trade relations and investment opportunities in sectors such as corporate farming, fisheries, and value-added agricultural products. The insights gained from this conference are expected to contribute to the development of strategic partnerships and investment projects between Pakistan and African countries.

Provincial Investment Boards and Future Prospects

FoodAg-2024 also featured pitching sessions by provincial investment boards, which were designed to attract foreign investment in various sectors. These sessions provided a platform for provincial governments to showcase their investment opportunities in corporate farming, fisheries, and agricultural products.

The pitching sessions were a crucial part of the event, as they highlighted Pakistan’s potential for growth in these sectors and encouraged foreign investors to explore new opportunities. The emphasis on corporate farming and value-added products reflects Pakistan’s strategy to enhance its agricultural sector and increase export value.

FoodAg Manufacturing Event

TDAP Chief Executive Zubair Motiwalla expressed optimism about the impact of the $1.2 billion in export orders secured at FoodAg-2024. He emphasized that these deals align with the targets set by the Prime Minister and are expected to drive significant growth in Pakistan’s agricultural sector.

Motiwalla also highlighted the upcoming FoodAg Manufacturing event in Lahore, which aims to support value addition and mechanized farming in Pakistan. This event is expected to be a catalyst for a new green revolution in the country, driving advancements in agricultural practices and enhancing the overall efficiency of the sector.

FoodAg-2024 has proven to be a landmark event for Pakistan’s agricultural sector, setting a new benchmark for trade and investment. The impressive deals, productive discussions, and diverse activities showcased Pakistan’s strengths and potential in the global market. As Pakistan moves forward, the success of FoodAg-2024 is likely to pave the way for further growth and international collaboration, reinforcing the country’s position as a major player in the global food and agriculture industry.