Cargill will invest more than $200 million in Pakistan in the next three-to-five years as it renews its longstanding commitment to the country.
The company’s strategy includes expansion across its agricultural trading and supply chain, edible oils, dairy, meat and animal feed businesses, while ensuring safety and food traceability.
Cargill will bring innovations to support the “flourishing dairy industry” in Pakistan, which it said is already moving toward modernisation.
It also drew attention to the “sustained progress” made by the poultry industry in Pakistan, leading to a growing animal feed market.
The announcement was made in the meeting when Cargill’s global executive team, led by Marcel Smits, head of global strategy, and Gert-Jan van den Akker, president of Cargill agricultural supply chain, met with Pakistan prime minister Imran Khan.
Imran Nasrullah, country head of Cargill Pakistan, said: “Having been in Pakistan for more than 30 years, Cargill is happy to demonstrate our commitment to the country’s future through investment in our business and communities here. Finalising one of our first investments in the agricultural supply chain in Pakistan is our top priority.
“We have received a very positive response from the Pakistani government and we value their support as we expand our presence here, helping industries, farmers and communities succeed.”
The announcement follows a spike in global investments by Cargill in recent months. In December, the firm bought Colombian chicken producer Campollo and opened its 188,000-square-foot North American protein headquarters in Kansas following a $70 million spend.
In its most recent quarterly results published earlier this month, Cargill saw its net earnings drop by 20% to $741 million, partly due to lower hog volumes in China and challenges in the US dairy and poultry industries.
Revenues decreased 4% to $28 billion as the company cited political instability in Central America and market challenges in Southeast Asia which affected its global poultry business.
© FoodBev Media Ltd 2019