Pakistan, Greece to sign MoU for olive oil production

The News - Wednesday 27th of February 2008

Pakistan and Greece are likely to sign a Memorandum of Understanding (MoU) for cooperation in olive cultivation and olive oil production.

According to the information reaching Trade Development Authority (TDAP) here on Saturday, MINFAL has already accepted the draft of the MoU which has now been forwarded to the Greek authorities for finalizing arrangements for signature.

Once signed, the MoU would also provide the necessary framework for collaboration in the field of agriculture.

Pakistani exporters would be able to re-export Greek olive oil to various regions where quality olive oil is needed.

Olive oil is one of the major and eminent products of Greece and is stated to be the finest in the world. The olive oil currently being sold in Pakistani supermarkets is imported mainly from Spain and Italy. These countries mix 30 percent of Greek olive oil with their own product to improve its quality and then re-export under their own brands.

According to the Pakistan Embassy in Athens, Greek entrepreneurs have shown interest in Pakistani market for olive oil.

They seek a base for further future collaboration between Pakistan and Greece through which Pakistan can benefit from Greek expertise and experience to plant olive trees on a large scale and then eventually set up olive oil processing units here.

The weather conditions in the northern part of Punjab and the Hazara area in NWFP are quite similar to those in Greece.

Pakistan with a population of over 160 million is deficient in edible oil, which is imported in vast quantities.

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