PMEX enters into strategic collaboration with GROWTECH Services

KARACHI: Pakistan Mercantile Exchange (PMEX), the country’s only multi-commodity futures exchange, entered into a strategic partnership with GROWTECH Services, a leading agriculture technology company operating in Pakistan.

Through this collaboration, GROWTECH Services will provide technological solutions to PMEX and its partners to better meet the agricultural challenges faced by farmers. PMEX will provide training to GROWTECH farmers in using Electronic Warehouse Receipt (EWR) trading platform.

Both parties will further develop agri-commerce trading platforms collaboration and work together for the development of futures products in agriculture commodities.

The agreement was signed by Ejaz Ali Shah Managing Director of PMEX and Shahnawaz Mahmood co-founder, GROWTECH Services.

Commenting on the partnership, Ejaz Ali Shah, MD of PMEX said, “We are delighted to enter into a strategic partnership with GROWTECH Services. Our relationship with GROWTECH signals our commitment to creating a vibrant, unified national market for indigenous agricultural commodities for ushering in economic growth and poverty alleviation. Together with GROWTECH, we look forward to working on the propagation of EWR to help farmers achieve greater financial inclusion, avoid distress selling, improve income per acre and facilitate the Government of Pakistan in achieving documentation of trading of agriculture commodities.”

Shahnawaz Mahmood co-founder said, GROWTECH Services mentioned that our focus is on enhancing productivity and decreasing input cost for farmers to improve per acre productivity through robust and comprehensive tech advisory and hand-holding of farmers throughout the crop cycle.

Furthermore, we have developed a virtual marketplace connecting different stakeholders on the same platform with the option of group buying/selling. We are excited to join hands with PMEX to work on EWR and futures products of agriculture commodities for better price discovery and training of farmers which will improve their livelihoods.

Copyright Business Recorder, 2022