Chinese company partners with FasalPay to strengthen sesame exportsBreaking

June 16, 2024

Islamabad, June 16 (INP): China Machinery Engineering Corporation (CMEC) signed a partnership agreement with Pakistan's FasalPay, a pioneering Agri-Fintech venture by Fatima Group, a leading name in Pakistan's agriculture and industrial sector, to strengthen the sesame value chain for exports. "The cooperation will enhance sesame production, empower farmers, and foster a thriving sesame industry in Pakistan", Vice General Manager CMEC Pakistan told Gwadar Pro.  He said, under the agreement, both sides will establish sesame model farms in sesame-growing regions. These farms serve as demonstration sites for best practices and advanced agricultural techniques. 

The goal is to improve farmers' technology, enhance cultivation methods, and optimize sesame production, he said. By working together, CMEC and FasalPay intend to increase farmers' skills and knowledge.  This involves sharing expertise, introducing modern machinery, and implementing innovative approaches to sesame farming. FasalPay offers raw sesame to CMEC Pakistan at a premium price. This incentivizes farmers to produce high-quality sesame, ensuring a win-win situation for all stakeholders.  The collaboration aims to create a comprehensive sesame ecosystem that benefits everyone involved, including farmers, exporters, processors, and consumers.

 By jointly working on sesame exports, CMEC and FasalPay contribute to Pakistan's economy and strengthen trade ties with China. The initiative aligns with broader goals of sustainable agriculture and economic development. Earlier, CMEC launched the "2024 Sesame Contract Farming Project" in collaboration with local farmers and various institutions. The initiative aims to optimize sesame export potential between Pakistan and China. By promoting advanced agricultural practices, improving sesame quality standards, and enhancing income generation for farmers, the company is working towards a projected sesame export value of $1 billion to China.  Additionally, they emphasize value-added sesame products beyond cultivation, such as bakery items, oil extraction, and cosmetics.

Credit: Independent News Pakistan (INP) — Pak-China