Islamabad, March 18, 2024 – The Pakistan Sugar Mills Association (PSMA) has expressed concerns over the looming possibility of increased tariffs for Molasses exports, citing potential ramifications on both domestic production and foreign reserves.
During a meeting with Federal Minister for Commerce, Jam Kamal Khan, held on Monday, representatives from the sugar mills conveyed their apprehensions regarding the proposed tariff hike. They emphasized the critical role of Molasses exports in bolstering foreign reserves and highlighted the need for infrastructure improvements to facilitate greater access to international markets.
Simultaneously, the federal minister convened a separate meeting with representatives from the Ethanol Manufacturer Association, who advocated for long-term policy measures to sustain the domestic ethanol industry. Expressing concerns over excessive Molasses exports, they stressed the adverse impact on local production and urged authorities to permit the importation of raw sugar to support sugar manufacturing.
In response, Minister Jam Kamal reassured participants of the government’s commitment to addressing their concerns promptly. He pledged to expedite efforts to find viable solutions, emphasizing the importance of balancing industrial growth with the imperative to augment foreign reserves.
The meetings, held at the Ministry of Commerce, aimed to foster dialogue and seek feasible solutions to the challenges faced by the sugar and ethanol industries. Stakeholders appreciated the opportunity to voice their concerns before any major decisions were made. Minister Jam Kamal reiterated his commitment to advocating for the interests of these sectors and pledged to support their sustainable growth while boosting export volumes to enhance foreign reserves.
The discussions concluded with a mutual understanding to collaborate towards overcoming obstacles and creating a conducive environment for the sustainable development of the sugar and ethanol industries. Minister Jam Kamal affirmed his ongoing support for these vital sectors, recognizing their significance in driving economic progress and strengthening national resilience.
