KARACHI: Pakistan can overcome trade deficit by increasing edible oil production capacity in local industry.
This was said by Korangi Association of Trade and Industry (KATI) Vice President Umer Rehan while talking to a delegation of traders in his office, says KATI statement on Tuesday. He said Pakistan had become third largest importer of palm oil in the world which costs dollars 2.5 billion annually and import of oil seeds had risen to dollars 1.5 billion. He suggested that cultivation of sunflower, canola, cotton seeds, and mustard seeds should be given subsidies as in case of wheat to improve production of oil locally.
He advocated that if the government focused on oil seed production it would not only save foreign exchange annually but would have sufficient stock to meet the country’s domestic consumption. Thus, he said, the people would be provided with cheaper edible and cooking oils.