The ties between Pakistan and Hungary are further strengthened with the formation of AquaHatch International (Pvt.) Ltd, a joint venture company of both countries, which has a foreign and local investment of $14 million to develop a freshwater ecosystem in Pakistan.
To further strengthen this business relationship, an event was held on February 23, 2022. The Minister of State and Chairman of the Board of Investment, Muhammad Azfar Ahsan, was present at the event as Chief Guest. Also present at the occasion were representatives from the partner, including Mr. Faisal Iftikhar, CEO AquaHatch International (Pvt.) Ltd., Mr. Ormos Andras from Vita Fort, Hungary, Mr. Istvan Grafjodi, Hungarian Commercial Counsellor in Pakistan, Mr. Fuad Garib, CEO Garibsons (Pvt.) Ltd., Mr. Nadir N. Jaffer, CEO Jaffer Agro Services (Pvt.) Ltd., Mr. Nasser N. Jaffer, Chairman Jaffer Group, and other top management of Jaffer Group & Garibsons.
The business partners of AquaHatch include VitaFort Agro Asia, a Hungarian Company which has developed dozens of such hatcheries in Laos, Cambodia, Vietnam, and Thailand; Jaffer Agro Services (Pvt.) Ltd. has vast experience in supplying agricultural service, equipment, and products to farmers across the country, Garibsons (Pvt.) Ltd, and is one of Pakistan’s top rice and maize export companies and Deep Blue Seafoods (Pvt.) Ltd which has 22 years of fisheries export and aquacultural development experience. Vita Fort Agro Asia is the only foreign firm investing in this project along with the Pakistani investors.
Speaking at the event, Mr. Ahsan said that he was confident that the joint venture between the two countries will flourish soon and also provide employment opportunities to help the people of Pakistan.
“Pakistan offers its investors a strong and large consumer market with an ever-expanding middle class. The country's strategic location at the crossroads of South Asia, Central Asia, and West Asia and proximity to the Gulf countries, makes Pakistan a promising regional hub and an important market for trade and investment,” he said.