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| RUPEE NEWS | October 18th, 2008 | Moin Ansari | ???? ??????? | ????? ????? | Pakistan is an agricultural country. Pakistan can use its agricultural base to help the Arab Gulf and produce food for them on a long term basis
- Pakistan trades agri-land for Saudi oil- avoiding IMF chokehold
- Got Milk? Pakistan-Gulf’s food granery! Impact and Analysis
In some dramatic moves, the United Arab Emeriates is turning to Pakistan, first to invest in Pakistani farms and then to import food for itself. The physical proximity of Pakistan, the friendly relations as well as Pakistan as one of the 10 largest producrs of food makes it the ideal location for food imports. The import of food stuff from Pakistan has some astronomical numbers attached to it. The GCC food bill is $200 Billion, most of it coming from Western countires. If Pakistan gets about 10% of it this year, food exports for Pakistan would become its largest exports, thereby transforming the entire country. The best dimension of this aspect of trade is that the money goes directly to the farms in rural Pakistan
UAE turns to Pakistan to stave off food crisis by Lynne Roberts on Tuesday, 06 May 2008
The UAE is planning to buy farms in Pakistan in a bid to reduce the impact of export bans and spiralling food prices, it was reported on Monday.
According to the Emirates Society of Consumer Protection, talks with the Pakistani government were underway as it considers alternative sources of food to the country, UAE daily The National reported on Tuesday.
“We believe that if we get products directly from the farms, it will encourage market competition,” an official said, adding that similar plans in other countries were also under study.
A Pakistani government official said the UAE was considering buying “large land holdings” and importing food items at 20-25% less cost.
“The talks [have been] going on between Pakistan government and UAE’s Ministry of Economy for some four months, however no concrete decision is made yet,” the official told The National.
The UAE’s 4.5 million population relies heavily on imported food, spending $3.5 to $4 billion annually on imports.
A string of retailers have agreed in recent weeks to fix the price of basic food items at 2007 levels as the Ministry of Economy attempts to rein in inflation.
Soaring food prices are a main driver of inflation across the world’s biggest oil-exporting region, where most states, including the UAE, peg their currencies to the ailing dollar, which raises import costs.
