KARACHI: Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), recently met with Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and Minister of State for Finance, Revenue and Power, Ali Pervez Malik, in Islamabad. The discussion centered on the significant challenges facing the ghee and cooking oil industry, with both ministers assuring that these issues would be prioritized for resolution.
Sheikh Umer Rehan commended the finance ministers for their commitment, acknowledging the tough economic climate they inherited upon taking office. He pointed out that Pakistan was in the throes of a severe economic crisis, characterized by dwindling foreign exchange reserves, an escalating trade deficit, and a crisis of confidence within the business community. Local industries, particularly in the ghee and cooking oil sector, were further burdened by complex tax regulations and the swift depreciation of the rupee. However, he noted that the ministers’ relentless efforts have begun to stabilize the economy and restore business confidence.
During the meeting, the PVMA Chairman raised crucial concerns regarding taxation issues and the smuggling that adversely affects local manufacturers in the ghee and oil sector. He reported that the ministers listened attentively and assured him that immediate actions would be taken to tackle these challenges.
Sheikh Umer Rehan further expressed that with adequate support and resources, local production of edible oil in Pakistan could be significantly enhanced. This would help reduce the country’s dependence on imports and alleviate the financial strain of the import bill.