PSMA Sindh pushes for export of surplus sugar – Business & Finance

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KARACHI: The Sindh chapter of the Pakistan Sugar Mills Association (PSMA) said on Thursday that dollar-strapped Pakistan could bring in up to $1 billion by exporting the minimum 1.3 million tonnes of surplus sugar , currently stocked in local stores, this year until November 30.

Addressing a press conference at the FPCCI head office, PSMA Sindh chapter president Zaid Zakarya urged the government to allow the export of surplus sugar and assured that the local price of the commodity will not would not be increased from the rates notified by the government: Rs 84.50 per kilogram. .

He said the county recorded a record production of 8 million tons of cane sugar this year, while the total local consumption does not exceed 6.5 million tons.

He warned that if the government did not allow the said product to be exported, many sugar factories could close due to financial difficulties and would not be able to sell new sugar due to excess stocks and that payments for the farmer could not be made.

The delayed decision would cause a huge financial crisis for farmers and the rural economy, and lead to disaster in the 2024 season.

Due to the current floods, he said all crops other than sugar cane have been affected; timely export decision will help farmers protect the industry.

FPCCI Senior Vice President Suleman Chawla and Shabbir Mansha Churra were also present on the occasion and they also urged the government to allow exports after conducting an audit of the PSMA application.

Zakarya said that neighboring India produced 35 million tons of sugar, the government allowed export of 10 million tons while maintaining the balance between consumer, farmer and sweets.

“We need to export sugar to save farmers, rural economy, consumers, sugar industry and especially Pakistan which is struggling for dollars and seeking IMF support,” he said.

“Pakistan would earn $1 billion in valuable foreign currency and economic crisis would be averted through the export of excess stock. If a decision is not made in time, the sugar industry would be pushed into bankruptcy and Pakistan would lose one of its biggest agricultural industries,” he said.

He argued that the sugar industry is a national asset of the country as it contributes Rs 125 billion to the national treasury due to direct and indirect taxes. The industry pays farmers around 600 billion rupees in 100 days.

Copyright Business Recorder, 2022

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