ISLAMABAD: Pakistan’s top investment body, the Special Investment Facilitation Council (SIFC) and Saudi Arabia’s Najd Gateway Holding Company have signed an agreement to cultivate 5,000 acres of Alfalfa cattle fodder, state-run media reported on Monday.
Pakistan set up the SIFC, a hybrid civil-military forum, in June last year to attract international investment, particularly from Gulf countries, in its key economic sectors. The council was set up as Pakistan faced tough economic challenges amid dwindling forex reserves and a rapidly depreciating national currency.
In September last year, Pakistan’s caretaker prime minister Anwaar-ul-Haq Kakar said Saudi Arabia and the UAE would invest $25 billion each in Pakistan in the next two to five years.
“Special Investment Facilitation Council (SIFC) has signed an agreement with Najd Gateway Holding Company of Saudi Arabia in the livestock sector,” the state-run Radio Pakistan reported. “The agreement includes cultivation of 5,000 acres of Alfalfa cattle fodder, which is later exported.”
Alfalfa is an herbaceous plant belonging to the legume or bean family commonly used in the production of animal feed. It contains high-quality fiber and protein due to which it has long been valued by agriculturists and farmers.
“Pakistani soil has great potential for breeding high-quality livestock products with high nutritional and protein content,” Radio Pakistan said. “This crop is cultivated in many countries of the world and is considered as a fodder crop of great importance.”
Pakistan and Saudi Arabia enjoy strong trade, defense and brotherly relations. Gulf states, particularly Saudi Arabia, have also regularly provided Pakistan oil on deferred payment facilities and offered direct financial support to help stabilize its economy and shore up its foreign exchange reserves.
The Kingdom is home to over 2.7 million Pakistani expatriates, serving as the top destination for remittances for the cash-strapped South Asian country.
