LAHORE: Sri Lanka China Business Council (SCBC) and Four Brothers Group of Pakistan (FBG) have signed a Memorandum of Understanding (MoU) to make an investment of US 600 million dollars for development of agriculture on modern lines in Pakistan.
SCBC President Rabbi Silva and Four Brothers Chairman Engr Javed Saleem Qureshi inked the document on behalf of their respective organizations at a ceremony held here on Thursday.
The SCBC is a facilitator that coordinates with Belt and Road Initiatives and Private Agricultural companies and investment banks from China, Sri Lanka and Pakistan.
SCBC via AMCOT (Agriculture Modernization Corporation Triangle) will develop this joint venture (JV) with the Pakistani company namely four brothers group. Two Chinese universities namely China Ocean University and College of Coastal Agricultural Sciences will be part of this venture to provide technical assistance to the JV. Good quality seeds and Green House infrastructure, processing and packaging with support of science and technology will be given by AMCOT while FBG Pakistan will provide land at different places with required infrastructure, facilitation/approvals (if any required) to carry out development projects. It will also provide skilled and unskilled human resources, local scientific support besides security to run this project.
Speaking on the occasion, FBG Pakistan Chairman Engr Javed Saleem Qureshi said that this venture will open new avenues for farmers and economy of the country. He said that his group was working to increase production of cotton and canola.
Copyright Business Recorder, 2022
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