Addressing Pakistan Edible Oil Conference (PEOC) here, Dawood said the country''s exports are gradually increasing and Pakistan will achieve all-time high exports of $27 billion by the end of this fiscal year (FY19).
He said currently Pakistan is facing balance of payment challenge and the government is making efforts on war-footing basis to overcome this crisis. The increasing exports will bring more forex inflows besides supporting the external account, he added.
Razzak said the government has devised a new policy to curtail imports and increase exports aimed at reducing the rising trade deficit. "Import growth is much higher than export and we are trying to provide the substitute of imports by increasing local production," he added. He said trade statistics of December 2018 are better than December 2017.
He said China is also supporting Pakistan''s efforts to boost exports and agreed to provide one billion dollars for export promotion. "We have asked China to enhance Pakistan''s rice and sugar import," he added.
However, the advisor expressed concern over higher edible oil import bill saying that the government will also lay focus on this sector to increase the domestic production. After the petroleum products, edible oil ranked second highest import item in Pakistan with some $4 billion import bill.
He said the government is also working towards enhancing the productivity of export-oriented commodities such as cotton and rice to earn more foreign exchange. Razzak said without support of private sector, economy cannot be improved and the joint efforts of business community and government will help overcome economic challenges.
He said being a global food and agriculture producer, Cargill has evinced interest in investing some $200 million in Pakistan bringing its global expertise. The arrival of global companies is a good sign, he added.
On the occasion, Datuk Seri Shamsul Iskander Mohd Akin, Deputy Minister Ministry of Primary Industry Malaysia said it is very encouraging to see that PEOC, which was first held in 2016, has become a permanent feature on oils and fats conferences calendar of the region and attracts speakers and delegates not only in Pakistan but also from many other countries including Malaysia.
The main aim of this conference is to enrich all participants with the latest knowledge and developments pertaining to the global oils and fats industry, especially that of the palm oil industry. In addition, this event has also become a platform for industry players to network and to meet the expanding needs in the palm oil industry, he added.
He said that Pakistan''s oils and fats market has grown significantly, from 2.7 million metric tonnes in 2000 to over 4.4 million metric tonnes in 2017. The market has grown by almost double over this time and palm oil alone accounted for more than 50 percent.
The 4th PEO was jointly organized by Pakistan Vanaspati Manufactures Association (PVMA), All Pakistan Solvent Extractors Association (APSEA) Pakistan Edible Oil Refiners Association (PEORA) and Pakistan Soap Manufacturers Association (PSMA). Shahzad Ali Khan, Chairman PEOC, Tariq Ullah Shafi, Chairman PVMA, Shakil Ashfaq, Chairman APSEA, Rasheed JanMuhamamd, Chairman PEORA and Usman Ahmed, Chairman PSMA also spoke about the edible oil industry.