Farm sector needs Tk 15,000cr investments in next 5yrs: Minister

Bangladesh’s agriculture sector will need Tk 15,000 crore investments in next five years, said Agriculture Minister Abdur Razzaque on Tuesday, urging the developed countries, international donor agencies and private entrepreneurs to invest in this sector.

Bangladesh has achieved unprecedented success in agricultural production under the government led by Prime Minister Sheikh Hasina, said the minister at the opening ceremony of the ‘Investment Conference’ of the World Food Forum of the Food and Agriculture Organization (FAO) of the United Nations in Italy.

But the agriculture sector is lagging behind in processing and exporting agricultural products where there are huge potentials, he added.

Prioritising four sectors — the cold storage and post-harvest management, agricultural products processing and marketing, climate smart agriculture and irrigation and water management, the minister said, “The investment of Tk 15,000 crore is required in these sectors in the next five years. These sectors are very promising and profitable for investment in Bangladesh.”

The minister sought immediate investment in setting up of cold storages, post-harvest management, processing and marketing of potatoes, onions, mangoes and tomatoes.

Bangladesh doesn’t have sufficient technology and cold storages to store vegetables including onions, mangoes and tomatoes, he said adding 25-40% of these products are wasted at the post-harvest stage.

Highlighting the details of investment infrastructures and government facilities in Bangladesh, the minister said the country has a conducive investment environment. “So, come forward to invest.”

Working to increase investment in agricultural sector transformation, FAO organised the two-day ‘Investment Conference’ from October 18-19. Twenty countries from different parts of the world are participating in this conference, which need more foreign investment in the agricultural sector.

Besides, representatives of various international donor organisations, banks and private entrepreneurs including the World Bank, Arab Bank, Inter-American Development Bank, Latin American Development Bank are participating.