Karachi: Pakistan and Hungary have established a joint venture company – AquaHatch International Pvt. Ltd – for the development of a freshwater ecosystem in the country, according to news published on Thursday (February 24).
The establishment of the company will strengthen bilateral trade ties between the nations. As per the details, an investment of USD 14 million was made for the formation of the company. In the initial stage, the company will set up a pilot run by producing 10 million seeds and supplying them to the fish farms. It was disclosed that 100 acres of land have been acquired for the setting up the operations, which will be increased to 50 million seeds in the future.
AquaHatch CEO Muhammad Faisal Iftikhar Ali stated that the existing hatcheries are unable to meet the requirements of the country. So that’s why there is a reliance on imported seeds. AquaHatch is established to meet the increasing demand.
Moreover, Minister of State and Chairman of the Board of Investment (BoI) Muhammad Azfar Ahsan stated that both countries will benefit from this agreement and generate employment opportunities. He notified that Pakistan has received Foreign Direct Investment (FDI) from Hungary, worth USD 42.5 million, and USD 21.2 million in 2020, and 2021 respectively. Reportedly, the BoI chairman mentioned that the first round of negotiations between the countries for the signing of the Bilateral Investment Treaty was held in Islamabad. He added that Pakistan’s fishing industry has immense potential. The company headquarter is located in the hatchery belt in Sultanabad in district Thatta, Sindh. It is established to harness the local skill potential and provide alternate livelihoods.
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