KATI urges government to focus on oilseeds to cut trade deficit

Pakistan could overcome trade deficit to enhance edible oil production capacity in local industry, this is said by Umer Rehan, Vice President of Korangi Association of Trade & Industry (KATI) while talking to a delegation of traders. He told on this occasion that Pakistan become third largest importer of Palm Oil in the world which costs 2.5 bn USD annually and import of oil seeds has been hit to the level of 1.5 bn USD. He suggested that cultivation of Sunflower, Canola, Cotton Seeds, and Mustard seeds should be subsidies such as wheat to improve production of oil locally. Umer Rehan said that in international market per ton wheat rates are 180 USSD and in Pakistan per ton cost of the same food item is 370 USD, though Pakistan produces 40 t0 50 lack tons extra to its need , this yield annually rotes in governments storerooms. Umer Rehan further said that if government focuses on oil seed production it would not only save foreign exchange annually but also would sufficient to our domestic use and people will be provided with cheaper edible oil and cooking oil.

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