20000401

BoI planning to launch corporate farming

ANWAR RAJANI

KARACHI: The Board of Investment (BoI) has started working to finalise the programme to launch corporate farming in the country.

According to informed sources, under the long-awaited scheme large chunks of barren land will be handed over to multinational companies for mechanised farming.

Three proposals are under consideration of the BoI: One, the land should be sold to multinationals on permanent basis to form agricultural companies.

Two, the land should be given on long-term lease. Three, joint ventures may be promoted between multinationals and local growers.

For the first time, agriculture will be given the status of industry, and local and foreign investors will be invited to invest in corporate farming. Investors will be given all facilities that are now provided to industry.

It will be recalled that the proposal for corporate farming was initially given by the Board of Investment about two years ago, but it was kept in cold storage. The present government has decided to go ahead with the scheme.