CashNews.co
Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), held a productive meeting in Islamabad with Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, and Ali Pervez Malik, Minister of State for Finance, Revenue and Power. During the meeting, the challenges facing the ghee and cooking oil industry were discussed in detail, with both ministers assuring that the issues would be resolved on a priority basis.
Sheikh Umer Rehan praised the efforts of the finance ministers, acknowledging the difficult economic conditions under which they assumed their responsibilities. He highlighted that Pakistan was grappling with a severe financial crisis, dwindling foreign exchange reserves, a rising trade deficit, and a lack of confidence within the business community when the ministers took office. Additionally, local industries were struggling due to complex tax issues and the rapid depreciation of the rupee. However, he noted that through their tireless efforts, the economy has stabilised, and business confidence is gradually restored.
The PVMA Chairman emphasised that he brought up key concerns regarding taxation and the smuggling affecting local manufacturers in the ghee and oil industry. The ministers, he said, listened attentively and assured him that immediate steps would be taken to address these issues.
Sheikh Umer Rehan further stated that with the right support and facilities, local production of edible oil in Pakistan could be significantly increased, helping reduce the country’s reliance on imports and easing the burden of the import bill.