ISLAMABAD: Pakistan generated $4 billion in revenue during financial year 2024 by exporting six million tons of different types of rice, state media reported on Monday, citing favorable weather conditions and “abundant” agricultural resources as the main reasons for the surge in exports. 

Pakistan exported rice worth $4 billion this year compared to $2.15 billion last year, benefiting largely from India’s more-than-a-year-long ban on rice exports to fulfill its domestic needs. India announced in September it was lifting the ban, prompting Pakistan to lift the minimum export price for all rice varieties in the country. 

India and Pakistan are the only two countries that produce basmati rice which is famous for its unique flavor and aroma. India has been the largest exporter of rice worldwide, followed by Pakistan, Thailand and Vietnam.

“With the support of the Special Investment Facilitation Council, Pakistan has earned revenue of four billion dollars from rice exports,” state broadcaster Radio Pakistan reported, referring to Pakistan’s top hybrid civil-military body formed last year to attract foreign investment in the country’s vital economic sectors. 

“During the fiscal year 2024, Pakistan exported more than 6 million tons of different varieties of rice due to favorable weather conditions and abundant availability of agricultural resources.”

Shahjahan Malik, former chairman of the Rice Exporters Association of Pakistan, said exporters have set a fresh target of $5 billion for rice exports for the next financial year. He added that a comprehensive strategy based on “modern seed research and quality agricultural practices” would be developed to enhance exports further. 

Earlier this month, Pakistan’s Commerce Minister Jam Kamal had said the country aimed to boost its rice exports to as much as $7 billion to support its dwindling economy. 

ISLAMABAD: Pakistan’s capital was under strict security lockdown starting Monday ahead of the arrival of Chinese Premier Li Qiang for a four-day bilateral visit and a heads-of-government gathering of the Shanghai Cooperation Organization (SCO) this week.

The government has announced a three-day public holiday in Islamabad, with schools and businesses shut, and large contingents of police and paramilitary forces deployed.

Pakistan army troops will be responsible for the security of the capital’s Red Zone, which will house most of the meetings and is also home to parliament and a diplomatic enclave, according to interior ministry.

The threat alert has been high in the South Asian nation ahead of the SCO summit meeting, especially after the killing of two Chinese engineers and shooting to death of 21 miners.

Tensions have mounted after jailed former Prime Minister Imran Khan called for a protest on Oct. 15 to press for his release and agitate against the coalition government, following violent clashes between his party loyalists and security forces.

Islamabad has sought to curb all movement of Chinese nationals in the city, citing fears of violence from separatist militants.

The SCO’s 23rd meeting, which comprises nine full members including China, India, Iran and Russia, is scheduled for Tuesday and Wednesday in Islamabad.

Prime Minister Li is undertaking a bilateral visit to Pakistan from Monday to Thursday, accompanied by senior officials, Pakistan’s foreign office said.

Li and Pakistani Prime Minister Shehbaz Sharif will lead their respective delegations to discuss economic and trade ties and cooperation under the China Pakistan Economic Corridor (CPEC), a $65 billion investment in the South Asian country under Chinese President Xi Jinping’s Belt and Road Initiative.

Li is also likely to inaugurate the CPEC funded Gwadar International Airport in restive southwestern Balochistan province, which borders Afghanistan and Iran.

The SCO participants will be represented by the prime ministers of China, Russia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan as well as the first vice president of Iran and external affairs minister of India, the foreign office said.