KARACHI: Edible oil imports are the second largest after petroleum products with Pakistan importing 3 million tons annually stated Federal Minister for Industries and Production Rana Tanveer Hussain at the Pakistan Edible Oil Conference (PEOC) on Saturday.
He emphasized the government’s commitment to increasing local production which currently stands at 19 percent and noted that incentives are being provided to local farmers. The minister also called for support from Malaysia’s business community to strengthen Pakistan’s agriculture sector.
Malaysian Minister of Plantation and Commodities YB Datuk Johari bin Abdul Ghani highlighted Malaysia’s role as the second largest producer of palm oil globally with a production of 90.3 million metric tons and exports valued at 20 billion dollars. The world needs palm oil there is no alternative to this product he said.
He added that Pakistan imported 798000 tons of palm oil from Malaysia which contributes significantly to Malaysia’s economy and supports 1 million people.
Rasheed Jan Mohammad CEO of PEOC stated that Pakistan represents a 3 million ton market for palm oil and urged a shift toward local production of oilseeds.
We need to prioritize the cultivation of oilseeds over water-intensive crops he said suggesting more focus on sunflower and canola seeds to reduce dependence on imports. He also highlighted the government’s efforts to encourage local production and reduce import reliance.
