Miftah for expediting process of importing edible oil

ISLAMABAD – Federal Minister for Finance and Revenue Miftah Ismail has directed to expedite the process for import of edible oil from Malaysia and Indonesia to ensure the smooth supply to the consumers and stabilise the price hike of edible oil.

The minister presided over a meeting of the Committee on edible oil availability, at Finance Division. Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Federal Education and Professional Training Rana Tanveer Hussain, Secretary Ministry of Industries & Production, Chairman FBR and senior officers attended the meeting.

The Committee was apprised that sufficient stock of edible oil is available in the country. The proposals for the future requirements and import of edible oil for bridging the supply-demand gap were also discussed. Moreover, the impact of importing edible oil on foreign exchange reserves was also highlighted during the meeting. It was informed that the price of edible oil is rising globally which would have significant impact on the trade bill of Pakistan. Federal Minister Rana Tanveer Hussain also gave workable option to enhance local production of Canola oil seeds for import substitution and to ensure availability of the commodity in the wake of global pressure on supply chain.

At the end of meeting, finance minister directed to expedite the process for import of edible oil from Malaysia and Indonesia to ensure the smooth supply to the consumers and stabilize the price hike of edible oil. It was further directed that required steps should be undertaken to enhance the local production, so that its impact on foreign exchange reserves could be minimized.

Sufficient stock of edible oil is available in country

Federal Minister for Finance and Revenue Miftah Ismail also held a meeting with a delegation of All Pakistan Jewelers Association led by its president Shehzad Iqbal at Finance Division. Chairman FBR and senior officers from Finance and Commerce Ministries attended the meeting. The delegation gave an overview of the jewelry sector in Pakistan and its contribution in the economy. They also highlighted the issues being faced by the jewelers community regarding taxation and sought government’s support to address their issues and provide relief in taxation. It was apprised that these issues are proving as a great hindrance in the development of this sector.

The finance minister highlighted the commitment of the present government to provide conducive and friendly environment to business community in Pakistan. He acknowledged the contribution of jewelry sector in the economic development and assured the delegation to provide maximum relief in taxation to this sector. The finance minister further emphasized the jewelers to play due role in strengthening of the national economy by enhancing the export of jewelry. The delegation thanked finance minister for addressing their issues and assured the finance minister about growth of this sector with cooperation of present govt.

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