LAHORE: The Board of Revenue (BoR) Punjab has forwarded a detailed corporate farming policy to the provincial cabinet for approval, said reliable sources.
Once the cabinet puts its seal on it, the BoR would lease out large tracts of land to the interested parties, they added.
According to sources, cultivable land would be handed over for modern cultivation under the China Pakistan Economic Corridor (CPEC) project.
It may be noted that the State Bank’s annual report for 2018 has already suggested that the CPEC Long Term Plan (LTP) lays great stress on agriculture, with wide-ranging engagement across the entire sector. Boosting yields in the crop sector, reducing losses from harvest and transportation, and engaging with livestock and dairy are some of the thrusts envisaged under the plan. The eventual goal appears to be to boost Pakistan’s food exports to China.
It has further pointed out that agriculture is a big priority for China’s overseas investments in all countries under the Belt and Road Initiative.
The benefits for Pakistan are nicely laid out in the report. They include improved yields through superior seeds, mechanization of farms as well as introduction of drip irrigation technology on a wider scale, increased use of formal credit systems for agri-lending, and greater documentation of the rural economy and especially its land registries.
When contacted Senior Member Babar Hayat Tarar for his comments, he confirmed the development, adding that the Board would issue schedule of the state land to be allocated for this purpose once a formal approval of the policy.
Copyright Business Recorder, 2021
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