Excess: Sugar mill association demands export subsidy

LAHORE:

The Pakistan Sugar Mills Association (PSMA) has asked for a $40 per ton subsidy for the export of half a million surplus sugar stock from the country that would bring an inflow of more than $300 million to the country.

“We are asking the government to give us Rs4 per kilogramme subsidy for the export of surplus sugar as the industry closed its crushing season with surplus domestic production for the third consecutive season,” said informed officials of the association while addressing a press conference at PSMA office.

PSMA Chairman Javed Kayani said the government was raising foreign reserves by issuing Euro bonds at high return rates but was ignoring “easy” dollars through exports. The official added that this would not only support the domestic industry but also look after the financial needs of the government and contribute to the rural economy of Pakistan.

Published in The Express Tribune, April 30^th, 2014.

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