International Islamic Food Processing Association (“IFPA”) and Limited Liability Partnership BioProm Technologies (“BioProm”) signed a mutual agreement whereby BioProm will join IFPA as a corporate member. Corporate membership will offer BioProm the opportunity to have access to all privileges and benefits of IFPA and the eligibility to receive IFPA’s targeted services in attracting Islamic investment and financing.
Established in 2012, BioProm is now one of the main producers of high-quality potato seeds, tubers and potato planting materials with the major aim to conduct research and development in the field of biotechnology of potato cultivation. Representative of BioProm, Mr. Balpanov Darkhan noted that: “potato is one of the most important vegetable crops, and Kazakhstani potato growers currently can fully provide the domestic market with products and substitute imports. However, potato is arguably the crop that can benefit most from modern biotechnology. The cooperation with IFPA is important for us, as we are aiming to develop innovative agritech-based solutions to enhance the export of affordable nutritious food and reduce production costs to extend the marketability of newly developed varieties”.
The Director General and CEO of IFPA, H.E Sheikh Bilal Khan remarked that: “IFPA is ready to expand its efforts with BioProm in agri-food technologies to develop investment projects focused on agricultural system related technologies to facilitate innovative science-based solutions related to the use of Islamic finance, investment funds, Shariah structuring, and other Islamic investment instruments to foster profitability of small and large scale enterprises and expanding of cooperation between businesses and food companies of intra-OIC countries most beneficial to BioProm and its targeted OIC markets.”