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Govt to work out sugar policy for competitive sector growth: Razak Dawood

Govt to work out sugar policy for competitive sector growth: Razak Dawood

ISLAMABAD: Finance Adviser Razak Dawood has sought proposals from the stakeholders to devise a long-term policy for the sugar industry to ensure the sector grows more competitive, stable and consistent.

Chairing a meeting of the Sugar Advisory Board, Dawood said the government intends to ensure consistency and stability amongst all stakeholders of the industry – producers, manufacturers and the general public.

An official statement issued after the meeting said the adviser assured all participants that he will be willing to take input from all stakeholders in formulating the proposed policy.

The meeting also discussed various issues including availability and pricing of sugar. It was apprised regarding the current stock of the crop by representatives of Cane Commissioner’s Offices.

Federal and provincial representatives of the tax body stated they have also initiated proceedings for physically taking stock of the sugar available at respective mills.

The adviser desired that the Federal Board of Revenue (FBR) concluded this exercise in a week’s time so that the figures of two departments (Cane commissioner’s office and FBR) can be compared for better clarity and decision-making.

Dawood expressed satisfaction over the current figures of sugar availability and said the upcoming season will hopefully not cause any stress to the consumers. He stressed upon the importance of providing relief to general public by not increasing the prices unreasonably as it is an everyday household commodity.

A State Bank of Pakistan (SBP) official informed the participants that export quota of 500,000 tonnes has been approved.

The adviser encouraged the prospect of exporting sugar and was hopeful that the balance quota for export of sugar to China would also be utilised to narrow trade gap with China.