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Business & Finance

Strong banking system proposed: RR&DB floats idea of SPV to enhance rice export to Iran

LAHORE: The Rice Research & Development Board (RR&DB) Punjab has proposed the federal government for ...
02 Jul 2021

LAHORE: The Rice Research & Development Board (RR&DB) Punjab has proposed the federal government for planning a strong banking system, such as Special Purpose Vehicle (SPV), for barter trade of goods to increase rice export to Iran.

The proposal was moved by the exporters at the 19th meeting of the Board held recently in the provincial metropolis. They observed that Iran is a big market of Basmati rice but absence of banking channel between Pakistan and Iran is the only hurdle to export Pakistani commodity. Iran imports 50 percent of the total domestic rice requirement and Pakistan can give a big push to its exports by entering in to this market.

Similarly, the members proposed that the government should offer subsidy on freight charges to capture new rice export markets, while competent service providers may be stimulated in rice area for promoting mechanized farming.

The meeting was presided over by Board Chairman Shahzad Ali Malik while scientists, exporters and farmers representatives attended the event which discussed planning for the current rice season and strategies to explore new global markets to stabilize paddy/rice prices, said the minutes of the meeting.

Chief Scientist Kala Shah Kaku Research Institute and Secretary to the Board Ch Muhammad Rafiq briefed the participants on current rice season and export scenario of Pakistan.

He informed the house that there was an increase in Basmati export from 660,000 tons (2018-19) to 890,000 tons (2019-20) and farmers earned a handsome income from the rice crop during 2020.

"Unfortunately, in current year 2020-21, Basmati export volume is on declining trend (30% less than the last year) and there is a significant carry-over stock (about 150,000 tons) of previous year with the millers/exporters.

Regarding strategies to explore new global markets, Samee Ullah Naeem spoke about new rice export potential markets, freight subsidy issues, global food safety campaigns, accredited Lab scope, pesticide awareness and Good Agricultural Practices (GAP).

He added that growers have got good production of basmati rice this year due to increase in cultivation area and additional per acre yield but availability of carry over stock from the last season, exporters will be cautious for purchasing rice this year.

He pointed out that seven alerts of different pesticide residue were detected in Pakistani rice out of 1,033 samples in 2020, which can be raised if measures are not taken timely. Chaudhry Rafiq informed the house that one latest machine to analyze rice for pesticide residue is functional now which had been purchased under National Agricultural Emergency Programme.

Copyright Business Recorder, 2021

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