Islamabad, November 21, 2023 – The government, led by Dr. Gohar Ejaz, Minister of Industries and Production, dismissed the request from the Pakistan Sugar Mills Association (PSMA) to export sugar.
The decision was made during a meeting of the Sugar Advisory Board held in Islamabad to address pressing challenges within the sugar industry.
The PSMA had sought permission to export up to 500,000 tons of sugar, citing the commencement of the crushing season and a significant sugar cane crop. However, Minister Gohar Ejaz declined the request, emphasizing the broader interest of consumers.
The meeting, attended by high-ranking officials including the Secretaries of Industries and Commerce, representatives from the PSMA, Federal Board of Revenue, and Provincial Administration, focused on the industry’s current situation, particularly its 900,000 tons excess closing stocks of sugar.
In response to cash flow challenges raised by the PSMA, a proposal was made for the Trading Corporation of Pakistan (TCP) to acquire a minimum of 500,000 tons from millers to stabilize the market. Participants agreed to collaborate on this proposal, with a shared commitment to preventing any sudden increase in retail sugar prices.
Minister Gohar Ejaz, in his remarks, highlighted a departure from previous policies of exporting sugar followed by imports. He stressed the significance of each dollar for Pakistan and pledged to avoid measures that could result in losses to the national exchequer.
The Minister underscored that decisions impacting the sugar industry would be guided by a careful consideration of national interests. The meeting concluded with a commitment to collaborative efforts between the government and industry stakeholders to navigate challenges, develop sustainable solutions, and ensure the prosperity of both the sugar sector and the nation at large.
This decision not only reflects the government’s dedication to safeguarding consumer interests but also signals a shift towards a more strategic and cautious approach in managing the sugar industry, prioritizing stability and sustainable growth.
