Business

Reducing import bill Promotion of edible oil sector urged

Government’s intervention would help the sector achieve self-sufficiency that can save the country $2.5 billion

July 20, 2016

Government’s intervention would help the sector achieve self-sufficiency that can save the country $2.5 billion. PHOTO: FILE

ISLAMABAD: The Islamabad Chamber of Small Traders (ICST) has advised the government to promote the edible oil sector, a revival that could help the country save $2.5 billion dollars a year in import savings.

ICST Patron Chamber Shahid Rasheed Butt said that the government has announced incentives for the agriculture sector, but the edible oil sector has been ignored.

He said that the government’s intervention would help the sector achieve self-sufficiency that can save the country $2.5 billion while generating much-needed jobs. “Edible oil imports are now second largest after fossil fuel,” said Butt. “Palm oil enjoys a 90% share because farmers are at the mercy of middlemen which is the biggest reason behind lack of interest by growers.”

Butt said that self-reliance is possible if land under cultivation is increased, support price is offered, and the coastal belts of Sindh and Balochistan are utilised for production.

He also called for enhanced research and development, subsidy on inputs.

Published in The Express Tribune, July 21^st, 2016.

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