Well-functioning economic sectors ensure smooth and efficient transactions, which in turn encourage long-term growth and stability, officials said.
“Enhancing the competitiveness of economic sectors, including agriculture, industry, and services, requires the adoption and implementation of prudent measures,” Asim Saeed, Member of Planning Commission of Pakistan, said at an event organised in the federal capital to mark the 10th anniversary of the launch of China-Pakistan Economic Corridor (CPEC).
Agriculture, the backbone of Pakistan’s rural economy, has enormous potential to resolve the country’s economic woes through reducing dependence on imports, expanding exports, and driving growth in other sectors.
“The country’s agriculture sector is short on growth and productivity compared to many other countries, and the most commonly cited constraints include limited usage of high-yielding seeds, outdated farm practices, soil infertility, inadequate water availability, farmers’ poor access to agricultural credit, and higher input cost,” said Alamgir Chaudhry, Chief Executive Officer (CEO) of National Productivity Organisation (NPO), while talking to WealthPK.
He said the sector was hit hard by heightened inflation, high electricity tariff, and flash floods in 2022.
“To leverage the potential of the agriculture sector, the concerned department must encourage modern farming practices, address the water scarcity issue, and implement innovative agricultural technologies,” he added.
