ISLAMABAD: Minister for Commerce, Jam Kamal Khan on Monday held meetings with representatives of Pakistan Sugar Mills Association (PSMA) and Pakistan Ethanol Manufacturer Association (PEMA) to address pressing concerns affecting their industries.

During the discussions, Commerce Minister assured the industrialists of his commitment to address their concerns to support the local industry while simultaneously enhancing export volumes to increase foreign reserves.

According to an official statement, Sugar Mills Association voiced apprehensions regarding the anticipated increase in tariffs for molasses exports. Members of the Association highlighted the importance of encouraging molasses exports to bolster foreign reserves.

They underscored the need for infrastructure improvements to enhance terminal capacity, facilitating greater access to international markets.

The representatives from the Ethanol Manufacturer Association emphasized the necessity of long-term policy measures to sustain the domestic ethanol industry. They advocated against allowing excessive Molasses exports, citing the adverse impact on local production. They claimed that Rs59 billion loss is being faced by the sugar industry due to imposition of Regulatory Duty (RD) on molasses.

Chairman Pakistan Ethanol Association urged authorities to permit

the importation of raw

sugar to sustain sugar

manufacturing.

In response to these concerns, Minister Jam Kamal reassured participants of the government’s commitment to prioritizing their issues. He pledged to expedite efforts to address these challenges, emphasizing the importance of bolstering industrial growth and augmenting foreign reserves.

The meetings concluded with a mutual understanding to work collaboratively towards overcoming obstacles and fostering a conducive environment for the sustainable growth of the sugar and ethanol industries.

Copyright Business Recorder, 2024