Pakistan (Commonwealth) _ On Wednesday, the first shipment of tractors manufactured in Pakistan arrived in Tanzania, marking an important turning point in Tanzania‘s trade relations.
Masai Trekta Company Ltd., which recently established its tractor distribution head office in Tanzania, has emerged as a crucial partner in the distribution of Pakistani ATS tractors throughout Tanzania and may expand further throughout the area, according to a formal notice from the trade ministry.
Pak-Tractors House, a renowned Lahore-based manufacturer, imported the tractors.
It is anticipated that the sale of these tractors will bolster Pakistan’s export base in East Africa and create the opportunity for further tractor shipments to Tanzania and other nearby nations.
Launch of the new Alfa app.
Bank Alfalah has released Alfa, their new mobile banking app. The new software, which aims to increase financial inclusion, goes beyond traditional banking by fusing cutting-edge tools for borrowing, investing, and saving into a streamlined digital living platform.
According to a press statement on Wednesday, users can now experience a full net worth view, immediate investing in stocks and mutual funds, quick loans up to Rs750,000, and personalized financial goal setting.
The first shipment of Pakistani tractors, bound for Masai Trekta Company Ltd., a well-known company with operations in both Kenya and Tanzania, has successfully arrived in Tanzania, marking a significant milestone for Pakistan’s agricultural export industry.
Imported from Pak Tractors House in Lahore, the tractors mark a major advancement in raising East African agricultural output. The commercial division of the Pakistani Embassy in Nairobi was instrumental in helping the importer with this consignment.
In addition to enhancing trade ties between Pakistan and East Africa, this project showcases the dependability and quality of Pakistani agricultural equipment. It is anticipated that the introduction of these tractors would help local farmers increase their output and efficiency, which will ultimately support the agricultural development of the area.
Pak Tractors House officials were upbeat about upcoming shipments and partnerships, highlighting the possibility of more trade between Pakistan and the East African market. The success of the consignment could pave the way for more agricultural exports from Pakistan to the region, thereby enhancing business ties and assisting local farmers.
One example of Pakistan’s industrial sector’s success is the tractor industry. By achieving over 90% localization in tractor production, the industry has solidified its position firmly.
Apart from effectively meeting the domestic tractor needs, the nation is also producing surplus tractors for export. It is quite impressive that Pakistan exported tractors worth US$47 million in FY2021, considering that the country was a net importer of tractors a few years prior and had imported US$195 million worth of tractors in 2017.
According to the data available from the relevant official sources, Pakistan exported US$29.9 million worth of tractors between July and March of FY2022.
Under license from the parent corporations, Pakistan produces the well-known Massey Ferguson and New Holland tractors. Pakistan’s inexpensive tractors are well-liked in Afghanistan and other African nations because of the high degree of localization that has been attained. The top export markets for tractors are now Botswana, Nigeria, and Kenya. In Pakistan, the majority of tractors feature engines with 50–100 horsepower.
The growing demand in the local market has also driven the production of tractors in Pakistan. Pakistan produced 47364 tractors between July 2021 and April 2022, up from 41589 units during the same period last year. The preceding fiscal year saw the production of 50,486 units.
The tractor industry has also aided in the expansion of related sectors. For instance, the production of tractors in Pakistan is essential to the expansion of the tractor industry, which primarily depends on the iron and steel sector for raw materials. Additionally, as the related sectors gain traction, global exports of tractor parts and raw materials also increase.
Small and Medium Businesses (SMEs) in the engineering sector are also being encouraged by the agriculture machinery sector, particularly the tractor business. With the exception of a few well-known companies, the majority of manufacturers are tiny enterprises that are doing a decent job of satisfying local demand.
Some of these individuals have also established themselves in the export sector. They manufacture implements and instruments associated with tractor manufacturing and exporting.
