KARACHI: Sheikh Umer Rehan, Former President of the Korangi Association of Trade and Industry (KATI) and Former Vice Chairman of Pakistan Vanaspati Manufacturers Association (PVMA), has called for urgent action to increase the production of edible oil & seeds in the country.
Rehan said a large portion of Pakistan’s imports consist of edible oil, with an annual import of $4 billion. However, due to the State Bank’s decision to curb LCs and the shortage of foreign exchange, the prices of edible oil in the country have been steadily rising, making it increasingly difficult for people to procure it.
Rehan noted that the situation has also resulted in a rise in smuggling due to the hike in prices of edible oil.
He further stated that the coastal areas of Sindh are highly suitable for the production of palm, sesame, and canola oils, and the government has already achieved success in this regard.
He urged the government to take charge of the private sector and work together to increase the production of edible oil in the country.
Rehan stressed that such an initiative would not only be beneficial in reducing the country’s foreign exchange reserves but also assist in meeting the increasing local demand for edible oil.
Copyright Business Recorder, 2023
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