AgriTech has Great Potential to Flourish in Pakistan

Pakistan’s economy has flourished a lot in the last few years as the government had given great incentives in every sector to bring in investment and new technology to improve the ways and quality of work. There are many hindrances in digitizing the whole value chain and giving awareness to the farmers to get access to digital insurance which can be addressed through the combined efforts of the different related institutions.

The stakeholders from all the agricultural sectors need to work in collaboration with the agri-tech companies looking towards the application of the technology to ease the farmers. In addition to these many other agricultural insurance products and crop insurance schemes have been brought forward by SECP. One more big advancement in the agricultural sector is the introduction of Collateral Management Companies Regulations to give awareness about the concept of warehousing of agricultural products. Parametric insurance provides protection to the insured products based on parameters such as crop yield in a unit area where a technology-based solution has been applied. The few issues in the sector are the minimal use of technology, the large population, the threats posed by the climate transformation which is quite abrupt these days and the lack of access to formal credit.

He has expressed his views that Agri-Tech market has received many developments but still it has massive potential to flourish on account of regulators’ receptive attitude towards fintech, internet penetration, high teledensity and improvements in the electronic payment infrastructure. Chairman Securities and Exchange Commission of Pakistan addressed the people in a hybrid conference of “AgriTech: Empowering the Rural Farmers’ that was hosted by the Pakistan Fintech Network and Pakistan Microfinance Network. More than 60 farmers in Rahim Yar Khan covering a total area of 168 acres have been given insurance and they are in the experimental phase.

Original Link: https://www.phoneworld.com.pk/agritech-has-great-potential-to-flourish-in-pakistan/