Today, Pakistan National Shipping Corporation (PNSC) signed a Memorandum of Understanding (MoU) with the M/S IMGC and Waheed Group of Industries consortium to transport edible oil from the Far East to Pakistan.
Every year Pakistan imports edible oil for more than 3 billion USD, of which a substantial portion is paid on account of freight charges in USD. With the signing of the MoU, edible oil importers will be in a better position to reduce the cost of imports, which will benefit the local populace.
This venture will open up a new era for PNSC to enter an untapped market whose beneficial stakeholders will be Pakistan and the end consumer of Edible oil products.
This arrangement comes at a time when the country is facing an acute shortage of foreign exchange reserves. This initiative will save foreign exchange and ensure edible oil’s economical and reliable availability in Pakistani markets.