Prime Ministers’ adviser on Commerce, Textile, Industry and Investment Mr. Abdul Razzak Dawood is confident to achieve $27 Billion export target this year. Addressing a ceremony in Karachi Mr. Dawood said that we will craft a workable policy next month to produce edible oil from local resources.
Talking to the palm oil conference the business adviser said that it is very sad that Pakistan has to spend $4 billion on import of edible oil alone. In the past we have not paid proper attention to this field but now we will draft a workable plan to produce edible oil locally.
He said that we have secured $1 billion market of sugar and rice in China that will help boost exports from Pakistan. Experts on edible oil have disclosed that local oil mills are fully capable of extracting and processing edible oil, so if good seed import policy comes then the import bill of edible oil will be reduced by $500 million.
Economic experts are of the opinion that a developing country like Pakistan whose foreign reserves are always low, spending $4 billion only on imports of edible oil in spite of local production capability is harming the country’s economy and it should be addressed as soon as possible.