News From : DagangHalal.com (27 Oct 2009)
LAHORE: The Punjab Board of Investment and Trade (PBIT) is facilitating investment in the resource-rich livestock and dairy sector.
Consultant to Punjab Chief Minister on Economic Affairs and Vice Chairman Punjab Board of Investment and Trade, Pir Saad Ahsanuddin, stated this while talking to a delegation of local and international livestock scientists and experts.
He said the PBIT supported the 6th Asian Buffalo Congress held in Lahore as part of a wider goal to steadily elevate Punjab’s average growth rate of about 6 per cent per annum and to reinvest about 25pc of GDP annually.
Saad said buffalo was an inextricable part of the rural landscape and an important livelihood asset for a population of 35 million. “Any improvement in its productivity and production has a direct bearing on alleviating rural poverty and enhancing income of millions.”
He said the PBIT had a focused approach to promoting the livestock industry which deserved more attention from the investor community because of its potential. “The industry currently has a $30 billion annual turnover. The PBIT has reached out to local and foreign investors to identify areas of facilitation in order to enhance dairy production efficiency, halal meat production and boost the lucrative leather industry.”
He said the PBIT was a one-window operation to provide matchmaking between cutting-edge livestock farming practices and the capital needed to drive it. Asian buffalo is called ‘black gold’ of Pakistan and the country produces 42 billion litres of milk per year.
Saad added there was great potential of investment in the dairy sector and many multinational and national companies such as Nestle, Haleeb, Engro Foods and Noon Dairies were continuously investing to upgrade their plants.
Currently, he added, buffalo contributed 70 per cent to Pakistan’s total milk production and value added products such as butter, oil and cheese. The PBIT vice chairman said the meat production sector was also a sizable revenue generating engine and after India, Pakistan was the second largest buffalo meat exporter. Similarly, there was tremendous potential for export of low-cholesterol Halal meat and meat products to Muslim countries.