Karachi, May 26 (PTI): The Pakistan occupied Kashmir government and three major companies of Pakistan have agreed to cultivate tea worth Rs 150 crore in the occupied area, the biggest-ever investment made in the private sector in the region.

As part of the agreement, the PoK government has leased out 3000 acres of land to the concerned companies.

PoK Prime Minister, Attique Ahmed Khan, said that this was for the first time in the area that such a huge investment has been made in private sector.

He said the investment at public sector level for tea cultivation was needed to meet tea requirements in Pakistan, saying it would also help in providing employment at local level.

The Government of Pakistan was spending Rs.15 billion yearly on tea import and if attention towards this sector was given at local level this huge amount could be saved, he said.

He said tea planting nurseries would be set up at an altitude of 3500-8000 feet in Pok in coordination with the local community.

The local government would give incentives to the farmers for setting up tea sapling nurseries, he said stressing the need to involve the NGOs to launch such projects.

Three big research centres would also be set up in PoK besides measures would be taken for marketing the produce.

He said Neelam valley, Bagh, Rawalakot and Kotli districts were suitable for tea cultivation plants and the companies have made soil testing and land study for last two years in this regard.