Press Releases 2009
University-Based ‘Incubation Center' To Help Young Agricultural Entrepreneurs Compete
October 21, 2009
Faisalabad - Minister of Finance Shaukat Tarin today underscored the importance of agriculture in strengthening Pakistan's economy at the inauguration of a new academic facility to fast-track growth of agricultural businesses.
At a ceremony today inaugurating a new Business Incubation Center, Minister Tarin was joined by Ambassador Robin L. Raphel, Coordinator for Economic and Development Assistance at the U.S. Embassy and officials from the Competitive Support Fund (CSF), a joint initiative of the Ministry of Finance and the U.S. Mission in Pakistan.
"Although we have made tremendous progress in harnessing the potential offered by the Green Revolution technologies, an overview of the agriculture sector in Pakistan reveals inconsistent and non-sustainable growth," Mr. Tarin said. "We have to improve on this."
The center represents a new collaboration between CSF and the Higher Education Commission (HEC) together with the University of Agriculture in Faisalabad. Up to ten potential agricultural entrepreneurs at a time will receive market information and tools at the center to help them formulate business plans and feasibility studies and access financial assistance through matching grants funded by the Pakistani government.
"The Business Incubation Center will help new agricultural entrepreneurs better compete in the marketplace," Ambassador Raphel said. "With the help of technological advances and applied market research available at the university, agricultural business entrepreneurs can improve their products and launch their companies more quickly. This will give them an advantage in a competitive market place."
U.S. government-supported CSF has previously awarded more than $1 million in matching grants to community level businesses that are also supported by the Government of Pakistan.