ISLAMABAD: Pakistan’s southern Sindh province has formally agreed to grant more than 52,000 acres of barren land to an army-backed firm, M/S Green Corporate Initiative (Private) Limited, for corporate farming, the Sindh chief minister’s office said on Saturday, as part of efforts to boost agriculture in the South Asian country.
It was one of the initiatives under the umbrella of the Special Investment Facilitation Council (SIFC), established in June last year, as part of which the federal and provincial governments, including the then-elected Sindh government, had decided to introduce the initiative of corporate agriculture farming (CAF) in all provinces, according to the Sindh CM’s office.
Considering an ongoing initiative decided at national and provincial levels, the statement of conditions (SoCs) for corporate agriculture farming was approved by the Sindh caretaker government on December 01, 2023 to ensure the continuity of the policy decisions of the previous elected governments both at federal and provincial levels.
“As a pilot project, concerned Deputy Commissioners have identified some pieces of barren land measuring approximately ‘52713’ Acres, for the pilot project of this initiative i.e., Khairpur 28,000 Acres, Tharparkar 10,000 Acres, Dadu 9305 Acres, Thatta 1000 Acres, Sujawal 3408 Acres and Badin 1000 Acres,” the Sindh CM’s office said in a statement.
“The barren land shall be handed over for 20 years after survey, demarcation and verification that such land is not located in prohibited areas, not under any pending litigations or court orders and also not included in any barrage land grants.”
The Sindh government said that it would ensure that no land was considered for this initiative that fell within the limits of any villages, katchi abadi, temporary shelters, grazing land, amenity, potential mining areas, motorways, roads, jails, railway lines, irrigation channels, wildlife sanctuaries, mountain ranges, heritage sites, religious sites, graveyards, forest, sea creeks, river deltas, port and sea shore.
“The Company shall spend 20 percent of the Net profit on Research and Development in the local area, while 40 percent of the Net Profit will be paid to the Sindh Government on an annual basis,” the statement read.
“The remaining 40 percent of the Company share shall also be spent on local infrastructures, irrigation channels, solar water supply schemes, schools, hospitals, development schemes and other facilities in areas where such projects will be executed in Sindh province.”
The land will not be granted as a title but only for cultivation purposes, while its ownership will remain with the Sindh government, according to the statement. A Board of Management has been established under the Sindh chief secretary that will take all decisions regarding the land management and issues, and the Sindh government will have the final authority in case any issues arise.
Agriculture contributes 23 percent to Pakistan’s GDP and employs 37.4 percent of the labor force but productivity is currently below par, with decreasing cultivation area, a population-production gap, and agricultural imports amounting to $10 billion.
The country is also facing a 4 million metric ton shortfall in wheat production against a total demand of 30.8 million metric tons, while cotton production has fallen by 40 percent to around 5 million bales in the last decade.
In July last year, Pakistan established a Land Information and Management System, Center of Excellence ((LIMS-CoE) to enhance modern agro-farming by utilizing over 9 million hectares of uncultivated state land, with a senior official saying that Saudi Arabia provided an initial $500 million investment to set up the facility.
Later in the same month, Pakistan Army Chief General Asim Munir, who is a member of the SIFC, and the then prime minister, Shehbaz Sharif, inaugurated the nation’s first corporate farm as part of the initiative to modernize agricultural practices in the South Asian country.
Pakistan’s Sindh to grant over 52,000 acres of land to army-backed firm for corporate farming
https://arab.news/r6529
Pakistan’s Sindh to grant over 52,000 acres of land to army-backed firm for corporate farming
- The provincial government has signed an agreement to grant land in six districts for a period of 20 years
- The pact is one of initiatives under Special Investment Facilitation Council’s umbrella to boost agriculture
Pakistan clears global crypto exchanges Binance, HTX under new regulatory framework
- NOCs allow Binance, HTX to conduct engagement activities within Pakistan, says regulator PVARA
- Says move allows entities to open subsidiaries in Pakistan but doesn’t constitute as operating license
ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) announced on Friday that it has granted no objection certificates (NOCs) to global crypto exchanges Binance and HTX, the latest in a series of moves by Islamabad to regulate its fast-growing virtual assets market.
PVARA said the NOCs were granted following a review process it conducted with public sector stakeholders which focused on governance structures, compliance frameworks, risk management controls and alignment with Pakistan’s emerging regulatory requirements for virtual asset activities.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight and encouraging innovation in blockchain-based financial services.
“The introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline,” Finance Minister Muhammad Aurangzeb was quoted as saying in a press release issued by PVARA.
The regulatory authority said the NOCs allow Binance and HTX to conduct preparatory and engagement activities within Pakistan under “defined regulatory oversight,” clarifying that it does not constitute a “full operating license.”
The NOCs allow Binance and HTX to begin registration on the FMU goAML, Pakistan’s anti–money laundering reporting platform, as reporting entries. It also allows them to engage with the Securities and Exchange Commission of Pakistan (SECP) regulator to incorporate their subsidiaries in the country.
HTX and Binance can also prepare and submit their full VASP license applications once licensing regulations are promulgated and provide anti-money laundering (AML) registered services after the completion of their goAML registration.
“PVARA will continue to engage with domestic and international stakeholders as it advances subsequent phases of its regulatory framework,” the authority said.
“Additional guidance regarding licensing standards, compliance obligations and supervisory expectations for virtual asset service providers will be issued in due course.”
Chairman PVARA Bilal Bin Saqib said issuing the NOCs marks the first step toward a fully licensed and regulated environment for digital assets in Pakistan.
“By adopting a phased and internationally aligned approach, Pakistan is ensuring that only well-governed, fully compliant global platforms progress toward full licensing,” Saqib was quoted as saying by PVARA.
According to PVARA, Pakistan already ranks at number three in crypto adoption and is home to an estimated 30 to 40 million users.
It said industry-wide assessments estimate that annual digital asset trading activity linked to Pakistan exceeds $300 billion.
PAKISTAN, BINANCE SIGN MoU FOR BLOCKCHAIN-BASED INNOVATION
Separately, Pakistan’s finance ministry and Binance signed a memorandum of understanding (MoU) establishing a framework to explore potential collaboration on the tokenization and blockchain-based distribution of Pakistan’s real-world and sovereign assets, the Finance Division said.
The Finance Division said the step was a significant one to leverage emerging financial technologies to strengthen Pakistan’s capital markets and enhance global investor access.
These assets include government bonds, treasury bills, commodity reserves and other federally owned assets, the Finance Division said.
“Subject to applicable laws, policies and regulatory approvals, the initiative may involve assets of up to $2 billion, with the objective of enhancing liquidity, transparency and international market accessibility,” it added.
Under the proposed arrangement, Binance and/or its affiliates may provide technical expertise, advisory support, training and capacity building to enable Pakistan to assess modern, compliant blockchain infrastructure.
The Finance Division said the collaboration aims to explore secure and transparent digital platforms that could facilitate broader participation by international investors, while fully respecting Pakistan’s regulatory framework and sovereign control.
