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Foreign
companies interested in corporate farming to be registered
ISLAMABAD (June 27 2002) : Leasing out of land to foreign
companies for corporate farming would be subject to their
registration in Pakistan under Companies Act 1984, which Food
Minister Khair Muhammad Junejo believes can give boom to
agriculture sector by taking advantages of this scheme.
Repatriate Pakistanis' companies would be given top priority.
This field would be open to small local growers, as well, if
they form a company at village level and get it registered
with the Security and Exchange Commission of Pakistan (SECP).
Corporate farming would enjoy special treatment in terms of
revenue and other taxes besides concessional loans.
Counting salient features to lease out land for corporate
farming in an exclusive talk with Business Recorder, Junejo
said any foreign or local company would qualify for this
facility after registration under Companies Act. He added that
registered companies, either local or foreign, would be leased
out uncultivated land.
"Let me repeat that only uncultivated land would be leased out
for corporate farming", the minister clarified.
The basic objective to introduce a policy to lease out land
for corporate farming is to allure repatriate Pakistanis and
encourage them to invest in agriculture sector.
According to him, repatriate Pakistanis have great interest to
make their contribution for agriculture sector. Junejo
particularly quoted Shaukat, a Faisalabad-based repatriate
Pakistani, who is cultivating unseasonal cash crops and making
good money.
"I have been to Shaukat farms in Faisalabad and feel that he
could be a trend-setter for modern farming in Pakistan",
Junejo said. He added that he wants that other repatriate
Pakistanis should also follow Shaukat to take advantage of
this initiative.
The Minister believes that corporate farming would help
increase Pakistan's agricultural production by 20 percent to
30 percent and achieve food self-sufficiency.
The government is actively engaged in promoting corporate
farming and recently a number of concessions in terms of taxes
and levies have been announced to inculcate this new mode of
agriculture.
Courtesy Business Recorder (Arif
Rana)
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Pakissan.com;
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