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Imran Khan’s billion tree project triggers olive revolution in Pakistan

12:21 PM | 9 May, 2022
Imran Khan’s billion tree project triggers olive revolution in Pakistan
Source: Olive Valley Pakistan (Twitter)

ISLAMABAD – Pakistan’s 10 Billion Tree Tsunami project launched in 2014 by the PTI government has triggered a silent olive revolution in the country.

Pakistan, now the 19th member of the International Olive Council, is producing about 1,500 tons of olive oil per year and 830 tons of table olives, according to Juan Vilar Strategic Consultants.

It is also helping tackle some of the effects of climate change such as soil erosion and desertification and bringing new opportunities to farmers. Olive cultivation was started as a pilot project in Potohar region by then Punjab Chief Minister Shehbaz Sharif’s government in 2014. The PTI government promoted it nationwide as a part of Prime Minister Imran Khan’s 10 Billion Tree Tsunami initiative to bring about the olive revolution in the country, reported South Asia Investor Review.

Former prime minister Imran Khan also shared the news on his Twitter handle.

Pakistan is the world’s third largest importer of cooking oil. In 2020, Pakistan imported $2.1 billion worth of palm oil, behind only India’s $5.1 billion and China’s $4.1 billion in palm oil imports. Increasing olive oil production will help the country reduce its dependence on palm oil imports. Substituting imported palm oil with domestic olive oil may also help improve the heath of Pakistani consumers.

The International Olive Council (IOC) has 18 members, mostly European and Middle Eastern nations located in the Mediterranean region. Pakistan has joined as its 19th member. The IOC members account for more than 98% of global olive production. The IOC has been headquartered in the Spanish capital Madrid since it was founded in 1959.  

The organization specifies acceptable quality control testing methods and assures consumer transparency information, for example: hygiene standards along the supply chain, suitable packing materials and filling tolerances product labelling standards, identification of any food additives or allowable contaminants, recommendations for environmental protection in the use and disposal of olive products.  

It is expected that traditional farming and modern techniques would make large tracts of barren land productive, creating new jobs and growing the economy. Drip irrigation systems are being deployed over 16,000 hectares and 3.6 million olive trees. The Pakistani public and private sectors currently maintain 26 olive oil extraction plants of different capacities, from 80 kilograms per hour to 600, according to Olive Times.

Pakistan has the potential to be a world leader in olive production. In the last decade,  PTI’s Ten Billion Tree Tsunami initiative has spurred rapid olive cultivation in Pakistan with the import of 100,000 olive seedlings from top olive producing countries like Spain, Italy and Turkey. Pakistan’s climate is conducive for olive production, as the olive trees grow fast in regions with moderate winters following long hot summers.

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Rupee recovers marginally against US dollar, Euro, Pound, Dirham and Riyal; check forex rates

Pakistani rupee saw marginal improvement against US dollar as it appreciated in the open bank market.

Dollar Rate in Pakistan Today

On Thursday, the US dollar moved up and was being quoted at 285.3 for buying and 288.15 for selling.

Euro moves down to 311 for buying and 314 for selling. British Pound rate stands at 358.5 for buying, and 361.5 for selling.

UAE Dirham AED stands at 78 whereas the Saudi Riyal rate stands at 76.20.

Today's currency exchange rates in Pakistan - 30 November 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.3 288.15
Euro EUR 311 314
UK Pound Sterling GBP 358.5 361.5
U.A.E Dirham AED 78 78.7
Saudi Riyal SAR 76.2 77
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 759.67 767.67
Canadian Dollar CAD 209 211
China Yuan CNY 39.58 39.98
Danish Krone DKK 41.38 41.78
Hong Kong Dollar HKD 36.63 36.98
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.7 935.7
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 741.26 749.26
Qatari Riyal ‎QAR 77.63 78.33
Singapore Dollar SGD 211 213
Swedish Korona SEK 26.93 27.23
Swiss Franc CHF 325.9 328.4
Thai Bhat THB 8.23 8.38

Gold rates in Pakistan increase; Check today’s gold rates 30 November 2023

KARACHI – The gold price continues to climb up in the local market in line of upward trend in international market.

Gold Rates in Pakistan Today - 30 November 2023

On Thursday, the single tola of 24 Karat gold was available at Rs218,600, and the price for 10-gram gold reached Rs187,420.

Meanwhile, the 22 Karat Gold price stands at Rs200,380, 21 karat rate for each tola is Rs191,275 and 18k gold rate hoveres around Rs163,950.

In international market, the price of precious metal hovers around $2,045 per ounce.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 218,600 PKR 2,675
Karachi PKR 218,600 PKR 2,675
Islamabad PKR 218,600 PKR 2,675
Peshawar PKR 218,600 PKR 2,675
Quetta PKR 218,600 PKR 2,675
Sialkot PKR 218,600 PKR 2,675
Attock PKR 218,600 PKR 2,675
Gujranwala PKR 218,600 PKR 2,675
Jehlum PKR 218,600 PKR 2,675
Multan PKR 218,600 PKR 2,675
Bahawalpur PKR 218,600 PKR 2,675
Gujrat PKR 218,600 PKR 2,675
Nawabshah PKR 218,600 PKR 2,675
Chakwal PKR 218,600 PKR 2,675
Hyderabad PKR 218,600 PKR 2,675
Nowshehra PKR 218,600 PKR 2,675
Sargodha PKR 218,600 PKR 2,675
Faisalabad PKR 218,600 PKR 2,675
Mirpur PKR 218,600 PKR 2,675

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