ISLAMABAD: Finance Minister Muhammad Aurangzeb Friday assured the ghee and cooking oil industry to resolve the issue of smuggling affecting local manufacturers and taking measures to increase local production of edible oil in Pakistan.
The issues of ghee and cooking oil industry were discussed between the Finance Minister and industry leaders during a meeting held here on Friday.
According to sources, Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), held a meeting with Federal Minister for Finance Muhammad Aurangzeb and Minister of State for Finance Ali Pervez Malik.
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During the meeting, the challenges facing the ghee and cooking oil industry were discussed in detail, with both ministers assuring that the issues would be resolved on top priority basis.
Rehan praised the efforts of the finance ministers, acknowledging the difficult economic conditions under which they assumed their responsibilities. He highlighted that when the ministers took office, Pakistan was grappling with a severe economic crisis, dwindling foreign exchange reserves, a rising trade deficit, and a lack of confidence within the business community.
Additionally, local industries were struggling due to complex tax issues and the rapid depreciation of the rupee. However, he noted that through their tireless efforts, the economy has begun to stabilise, and business confidence is gradually being restored.
The PVMA Chairman emphasised that he brought up key concerns regarding taxation and the smuggling affecting local manufacturers in the ghee and oil industry. The ministers, he said, listened carefully and assured him that immediate steps would be taken to address these issues.
Rehan further stated that with the right support and facilities, local production of edible oil in Pakistan could be significantly increased, helping reduce the country’s reliance on imports and easing the burden of the import bill.
Copyright Business Recorder, 2024