Form a committee to establish a comprehensive edible oil policy, Federal Minister Commerce Jam Kamal
Islamabad – The Federal Minister for Industries and Commerce, Jam Kamal Khan, has announced the establishment of a specialized committee to develop a comprehensive edible oil policy. This initiative aims to enhance the domestic production of ghee and edible oils while unlocking export potential in global markets. The announcement was made during a high-level meeting with Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), and other prominent industry leaders.
Key attendees included Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh, Senior Vice Chairman Asjad Arif, Vice Chairman Khalid Islam, Sheikh Amjad Rashid, and Sohail Malik.
Government’s Vision for Self-Reliance in Edible Oils
Jam Kamal Khan underscored the importance of reducing Pakistan’s reliance on edible oil imports by focusing on strengthening local production. “Ghee and edible oils are essential household commodities, and enhancing domestic production is a top priority for the government,” he stated. Khan also highlighted the government’s commitment to supporting exporters, importers, and industrialists in this critical sector.
Expanding Export Horizons: Opportunities in Africa and the Middle East
Sheikh Umer Rehan emphasized the untapped export potential of Pakistan’s ghee and edible oil industry, particularly in African and Middle Eastern markets. He called for the removal of export barriers and the reduction of additional import duties on raw materials, such as soybean, sunflower, and mustard oils. “The ghee and edible oil industry is Pakistan’s second-largest revenue-generating sector. With the right government support, we can significantly enhance our export footprint,” Rehan said.
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Developing a Rice Bran Oil Industry
Rehan proposed the establishment of a pilot project to develop Pakistan’s rice bran oil industry. He outlined its potential to not only reduce dependency on imports but also bolster foreign exchange reserves through exports. “Rice bran oil represents a promising avenue for both domestic consumption and global trade. With adequate government backing, Pakistan can emerge as a major exporter in this niche market,” he added.
Industry Leaders Applaud Government Efforts
FPCCI President Atif Ikram Sheikh praised the Ministry of Commerce’s proactive approach under Jam Kamal Khan’s leadership. He expressed the business community’s confidence in the proposed edible oil policy, stating, “This initiative reflects the government’s commitment to fostering industrial growth and reducing economic vulnerabilities.”
Conclusion: A Transformative Step for Pakistan’s Edible Oil Sector
The formulation of an edible oil policy represents a significant step toward achieving self-reliance in a vital industry. By addressing export barriers, reducing import duties on raw materials, and fostering innovation through pilot projects like rice bran oil development, Pakistan is poised to strengthen its domestic production and gain a competitive edge in international markets. With strong government support and industry collaboration, the edible oil sector could become a cornerstone of Pakistan’s economic growth.