According to Rehan, Pakistan imports $4 billion worth of edible oil annually, making up a significant portion of its total imports.
Sheikh Umer Rehan, a former vice chairman of the Pakistan Vanaspati Manufacturers Association (PVMA) and former president of the Korangi Association of Trade and Industry (KATI), has called for immediate action to boost the nation’s production of edible oil and seeds.
According to Rehan, Pakistan imports $4 billion worth of edible oil annually, making up a significant portion of its total imports.
However, as a result of the State Bank’s decision to limit LCs and the lack of foreign exchange, the cost of edible oil has been steadily rising in the nation, making it harder for people to buy it. Rehan pointed out that the situation has also led to an increase in smuggling as a result of the rise in edible oil prices.
He added that the government has already had success in producing palm, sesame, and canola oils in Sindh’s coastal regions, which are very suitable for doing so.
He urged the government to control the private sector and collaborate to boost the nation’s production of edible oil. Rehan emphasised that such an effort would help meet the rising local demand for edible oil as well as be advantageous in reducing the nation’s foreign exchange reserves.
Founded in 1961 with just 7 members, the PVMA is proud to represent 137 producers of vegetable ghee, cooking oil, and related goods today. Although the installed capacity is over 4.0 Million M. Tons, the industry produces 3.6 Million M. Tons of standardised, high-quality products for domestic consumption.
In addition to pro-curing Canola, Sunflower, Cotton Seed, Rape Seed, and Soya Bean Oil from local Solvent Extraction, Expeller, and of course Refining industries, PVMA imports 2.4 Million M. Tons of Palm Oil products to meet demand. The Pakistan Vanaspati Manufacturers Association (PVMA) has elected Sheikh Abdul Razzaq as its new leader for the years 2022–2023.