In conjunction with the Fauji Fertilizer Company, Ignite will open Pakistan’s first agriculture-based incubation centre at the University of Agriculture Faisalabad (FFC).
According to Ignite authorities, the National Incubation Centre (NIC) in Faisalabad will be dedicated solely to agriculture and will be operational by August.
In health, education, energy, agriculture, telecom, finance, and other verticals, Ignite finances companies and creative projects that use 4th industrial wave technology to tackle local problems and target global opportunities.
After a bidding process governed by the Public Procurement Regulatory Authority (PPRA), the FFC was awarded the contract to establish the NIC. The FFC has presented a five-year financial plan to administer the NIC Faisalabad, which will be constructed on a three-to-six-month reimbursement model.
The FFC Board will decide on the next course of action after five years of operations, including a tenure extension for the incubator management based on continued success against management key performance metrics, if allowed under PPRA standards, according to officials.
They went on to say that Pakistan is an agri-based economy that has worked to achieve agriculture-led growth in order to promote economic stability since its founding. Pakistan’s agriculture sector generates 19.3 percent of GDP and employs 35.9% of the country’s workforce. The fall in agriculture production in recent years has been attributed to a lack of research and development, water limitations, pest infestations, and the usage of obsolete farming techniques.
The Agricultural University of Faisalabad is engaged in agricultural research, and the FFC has a history and experience in the field. The NIC Faisalabad will serve as a platform for the university’s entrepreneurs to develop new ideas in the field of agriculture using current technology. Agriculture productivity will improve as a result of new research and trends, and Pakistan’s food security challenges will be addressed.