Miftah for fast edible oil import process, increase in jewelry exports

Author: TLTP

Federal Minister for Finance and Revenue Miftah Ismail directed to expedite the process for import of edible oil from Malaysia and Indonesia to ensure smooth supply to the consumers and stabilise the price hike of edible oil.

While presiding over a meeting of the committee on edible oil availability on Thursday, the minister was informed that the price of edible oil is rising globally which would have a significant impact on the trade bill of Pakistan. Federal Minister Rana Tanveer Hussain also gave a workable option to enhance local production of Canola oil seeds for import substitution and to ensure availability of the commodity in the wake of global pressure on supply chain. He further directed that required steps should be undertaken to enhance the local production, so that its impact on foreign exchange reserves could be minimized.

Separately, Miftah Ismail emphasised Jewelers Association to play its due role in strengthening the national economy by enhancing the export of Jewelry. The finance minister held a meeting with a delegation of All Pakistan Jewelers Association led by its president Mr. Shehzad Iqbal at the Finance Division, today. Chairman FBR and senior officers from Finance and Commerce Ministries attended the meeting. The delegation gave an overview of the jewelry sector in Pakistan and its contribution in the economy. They also highlighted the issues being faced by the Jewelers community regarding taxation and sought government’s support to address their issues and provide relief in taxation.

It was apprised that these issues are proving as a great hindrance in the development of this sector. Miftah Ismail highlighted the commitment of the present government to provide a conducive and friendly environment to the business community in Pakistan. He acknowledged the contribution of the jewelry sector in the economic development and assured the delegation to provide maximum relief in taxation to this sector.

The delegation thanked the finance minister for addressing their issues and assured the finance minister about growth of this sector with cooperation of the present government.