Minister for Industries and Production Rana Tanveer Hussain on Wednesday emphasized the importance of prioritizing the local demand for sugar over exports.
Recognizing the direct impact of rising sugar prices on the public, the minister highlighted the need to ensure an adequate supply to meet local needs before considering export options as a means to earn foreign reserves.
The minister said while chairing a meeting of the Sugar Advisory Board (SAB) to review overall stock position of the sugar in crushing season 2023-24, said a news release.
The meeting was attended by the Minister for Commerce Jam Kamal Khan and Federal Secretary for Industries and Production, Waseem Ajmal Chaudhry. Among others federal government officials, representatives from provinces, and representatives from the Pakistan Sugar Mills Association (PSMA) also attended the meeting.
The agenda of the meeting was to evaluate proposal submitted by Pakistan Sugar Manufacturing Association to export surplus stock of sugar available in the country after meeting local consumption needs. It was suggested to link export with sugar price stability in the local market.
Government and Pakistan Sugar Manufacturing Association to devise a mechanism where by price stability of sugar will be ensured before exporting surplus stock produced in the country. The provinces and PSMA would ensure smooth supply of commodity in the domestic market and the price stability till start of next crushing season. It was agreed to seek authenticated data on available sugar stocks, including expected sugar production from beet, and recommendations regarding export from provinces before taking any final decision on the export of sugar. The forum will again review the data in next meeting before recommending export of this essential food commodity, which may have any adverse impact on domestic price and food inflation, particularly on low-income segments.