Edible oil production in country: Govt urged to formulate 10-year policy

KARACHI: Special Assistant to the President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Sheikh Umer Rehan has called upon the government to formulate a comprehensive 10-year policy aimed at ramping up the production of edible oil, including palm oil, within the country. Highlighting the significance of achieving self-sufficiency in edible oil production, Rehan stressed the need for urgent measures to address the looming challenges facing the sector.

According to Rehan, Pakistan significant reliance on edible oil imports, which constitute a major portion of the country exports, underscores the importance of enhancing domestic production capacity.

He expressed concern over the projected doubling of the import bill for edible oil commodities in the coming years, warning that such a trend could strain foreign exchange reserves and exacerbate economic pressures.

Rehan pointed out that the coastal regions of Sindh and Balochistan possess favourable conditions for cultivating palm, mustard, and sunflower, citing successful experiments conducted by the government yielding promising results.

He underscored the potential of leveraging these regions to meet local demand and reduce dependency on imports.

However, he emphasized the crucial role of government support and collaboration with the private sector in realizing this objective.

Furthermore, Rehan emphasized that augmenting domestic edible oil production would not only contribute to conserving foreign exchange reserves but also cater to the escalating domestic demand for edible oils.

He called for concerted efforts from both public and private stakeholders to capitalize on the untapped potential of the edible oil sector and drive sustainable growth in the country economy.

Sheikh Umer Rehan urged the government to prioritize the formulation and implementation of a long-term policy framework aimed at fostering the development of the domestic edible oil industry.

He emphasized that proactive measures in this regard would not only bolster economic resilience but also enhance food security and self-reliance in Pakistan.

Copyright Business Recorder, 2024