Tk10,000cr needed to ensure sustainable production, transformation of agri sector: Agri minister
He urged developed nations, international financial institutions, donor organisations, and private entrepreneurs to consider investing in Bangladesh's agricultural sector
An investment of another Tk10,000 crore is required on a priority basis to make agricultural production sustainable and to transform this sector, Agriculture Minister Abdur Razzaque said yesterday.
"In a recent development, the World Bank and the International Fund for Agricultural Development have invested Tk5,760 crore in partner projects," he said during the inauguration of the "Investment Conference" at the World Food Forum of the UN's Food and Agriculture Organization in Rome, Italy.
The implementation of the National Agriculture Policy 2018 is currently in progress, aiming to bring about a transformation in the agriculture sector, said the minister.
Keep updated, follow The Business Standard's Google news channel
"As of July 2023, we have invested more than Tk45,000 crore in this initiative, with Tk30,200 crore originating from the government and the remainder from development agencies.
He called on developed countries, multilateral lenders, donor organisations, and private entrepreneurs to invest in the agricultural sector of Bangladesh.
Abdur Razzaque presented the investment plans, requirements, and opportunities within the country's agricultural sector during the scheduled session on investment presentation in agriculture in Bangladesh.
He said, in the investment plan, the establishment of cold storage and post-harvest management, agricultural processing and marketing, climate-smart agriculture, irrigation and water management, the creation of skilled human resources, and the use of technology from the 4th industrial revolution have been prioritised.
The minister added that an investment of Tk20,000 crore will be required in these sectors in the upcoming years.
He emphasised the urgency of investing in cold storage, post-harvest management, processing, and marketing for specific products, including potatoes, onions, mangoes, jackfruit, pineapples, and tomatoes.
Abdur Razzaque said the absence of technology for vegetable storage, particularly for items like onions, mangoes, and tomatoes, has led to the lack of cold storage facilities.
"Consequently, a substantial portion, ranging from 25% to 40%, of these products is lost at the post-harvest stage. Therefore, there is a pressing need for an investment of approximately Tk5,000 crore to establish 1,100 multipurpose cold storage units, each with a 200-tonne capacity, in a timely manner," he added.
