Jafar: Vision and action can alleviate food crisis

Speaking at the first Middle East-Pakistan Agricultural and Dairy Investment Forum, which took place on 29 April 2008 at Madinat Jumeirah in Dubai with the participation of over 100 delegates, Mr. Jafar - who is also the Honorary Investment Counselor in the UAE for the Government of Pakistan - took note of the recent global food crisis as a stern warning to act quickly in the face of this challenge.

He said it was up to private sector firms and investors to help countries like Pakistan reach ambitious agricultural and dairy targets through modernisation, science, best practices, and sheer hard work in cooperation with Pakistani businesses and institutions.

The Forum, organised by MAP Services Group, is effectively a road show for Pakistan's agricultural and dairy sector in the GCC region, with multinational companies and Pakistani businesses presenting investment experiences and high return opportunities for investors.

With international analysts asserting that recent political changes will not derail the country's economic progress, Pakistan's agriculture and dairy sector achieved a growth rate of 4.5% in 2007, second only to China's 5%.

"Pakistan has always taken pride in being a great agricultural nation, producing some of the best varieties of fruits and vegetables on a global scale. Its status as the fourth largest dairy producing nation on the planet puts it in the regional driving seat in the dairy and agriculture industry," said Mr. Jafar.

He added,

"We have personally found that the investment climate in Pakistan is well-insulated from the political climate, and is in fact quite stable. Using this confidence, we now wish to carry this same level of expertise, dedication and foresight to the agricultural and dairy industry. As Emirates Investments Group, we have spent the better part of two years researching the agriculture and dairy industries, and exploring the opportunities available. We have come to the conclusion that agriculture was to represent one of our next major forays in investment".

Mr. Jafar presented examples EIG's strong portfolio of investments in Pakistan for the past five years, with the launch of Emirates Global Islamic Bank last year, and which now has 25 branches nationwide and over 400 employees.

EIG has also acquired a public brokerage firm, and has helped develop an Islamic insurance company, Takaful Pakistan.

The group's trading arm also has many interests in Pakistan, ranging from automotive parts to general commodities, and its partnership in real estate developer ENSHAA is represented by Karachi Financial Towers, its flagship project in Pakistan.