Pakistan Sugar Mills Association (PSMA) Chairman Javed Kayani has greatly appreciated the decision taken by the Ministry of Industries to direct the Trading Corporation of Pakistan (TCP) for the purchase of 200,000 tons of sugar at the prevailing market prices, which are at the lowest during the entire season.
In a statement issued here on Friday, he said that this step would enable the growers to timely start sowing wheat, canola and sunflower and helping to redress and mitigate their plight as they are greatly devastated during the recent floods and rains. He said that due to availability of surplus sugar stocks the market has considerably gone down and the decision to take advantage by the Industries Minister "is a laudable step".
He said that this would greatly facilitate in disposing of sugar stocks which would remain available at a lower price to the government for meeting the needs of Utility Stores Corporation and to stabilise the prices in the market. The industry would be able to start crushing on time without waiting to exhaust the existing stocks and clean up outstanding loans from commercial banks to avail finances for the purchases of sugarcane for the next crushing season.
Javed said that the moment the tender appeared in the newspapers and bids would be ready for submission "we shall be able to start immediately, without wasting a single moment, as we always take into account the welfare of sugarcane growers of the country". It may be mentioned here that the Trading Corporation of Pakistan (TCP) has issued a 'Gallop Tender Notice' for purchase of 200,000 tons sugar, to be opened on Saturday, November 12.