Pakistan has fought against the terrorism for many years and conducted several operations to eliminate the terrorists and bring peace in the country. Now, there are no security issues in Pakistan and economy is on the pace of growth.
This was stated by the Minister of States for Frontier Regions, Lt-Gen (Retd) Abdul Qadir Bloch while addressing the inaugural ceremony of 3rd Pakistan Edible Oil Conference (PEOC) here on Saturday.
With efforts of the present government security situation in the country has improved during the last couple of years and Pakistan is now favourable for the investment, Bloch said.
“Pakistan has fought against the terrorism for many years and conducted several operations to eliminate the terrorists and bring peace in the country. Now, there are no security issues in Pakistan and economy is on the pace of growth”, he added.
A large number of participants of foreign delegates also evidence that Pakistan’s security situation is much better than previous years, he added.
Minister for State for Maritime Affairs, Chaudhry Jaffar Iqbal said the federal government is fully committed to facilitating the business community for long-term economic growth.
Presently, three port including Karachi Port, Port Qasim and Gwadar Port is fully operational and providing modern facilities to the port users, he added.
Chief Executive of PEOC 2018, Rasheed Jan Muhammad said since Pakistan is a very significant market with annual consumption of around 4 million tons of edible oil.
“I strongly believed that this conference will be very consecutive for all stakeholder of the industry”, he added.
He also appreciated the Pakistan Vanaspati Manufacturers Association (PVMA), All Pakistan Solvent Extractors’ Association (APSEA), Pakistan Edible Oil Refiners Association (PEORA) and Pakistan Soap Manufacturers Association (PSMA) for giving their support in the organization of this conference. He hailed the role of Malaysian Palm Oil Council (MPOC) and Malaysian Palm Oil Board (MPOB) and GAPKI and BPDPKS of Indonesia for their kind support.
Rasheed in its presentation on “Emerging Trends in the Edible Oil Sectors- A view from Pakistan” revealed that the import and consumption of edible oil in Pakistan is gradually increasing.
During 2017, it was revealed that per capita consumption of oil went-up to 18 kilograms primarily because of increase in population and improvement in the buying power of the middle class, he added.
He informed that total edible oil consumption in the country surged to 4 million tons annually including 0.4 million tons of domestic production and some 3 million tons of imported edible oil. While some 0.7 million tons of oil was extracted from imported seeds.
“The import of edible oil in 2017 was highest in the history and some 19 percent higher than 2016. This could be attributed to the increase in demand but overbought, which resulted in too much pressure on the local market”, he added.
Pakistan’s major edible oil imports are from Malaysia and Indonesia, however, despite some increase in Malaysia’s share, Indonesia is still dominating in Pakistan’s oil trade.
During the last year, import of palm oil products from Malaysia was 0.57 million tons (with 20 percent share) and some 2.2 million tons from Indonesia (with 80 percent share).
Overall import of oilseeds was increased some 36 percent in 2017 compared to 2016. In addition, imports of soybeans posted substantially increase of 100 percent during the last year.
While presenting the international market scenario Rasheed Jan Muhammad informed that Malaysian Palm production was 19.92 million tons in 2017 compared to 17.32 million tons in 2019 and expected to be around 20.5 million tons in 2018. Similarly, Indonesian Palm production was around 36 million 2017 as against 32.3 million tons in 2016 and it may be 38 million tons in this calendar year.
He revealed that Indian import of edible oil during 2016-17 was 15.07 million tons up from 14.57 million tons in 2015-16 and expected to be around 15.80 million tons in 2017-18.
Khawaja Arif Qasim Chairman PEOC said that edible oil sector is among five leading spinners of Pakistan and alone contributing some Rs120 billion annually in national exchequer.
This Conference is being organized by all the Four Associations which are related to edible oil and oilseed and Soap Industry, namely, PVMA, APSEA, PEORA, PSMA.
During the conference, speakers said that since the import volume of edible oil and oilseeds are growing and have touched the unprecedented level of 3.00 million tons each for the calendar year 2017, the timing and significance of this conference is very much pertinent.
On the occasion Khawaja Arif Qasim chairman POEC, Tanveer Ahmed Sufi chairman PSMA, Basheer Jan Muhammad, Mian Muhammad Hanif Chairman PEORA, Tariqullah Sufi Chairman APSEA, Atif Rasheed, Mian Azhar, Najaf Mirza acting chairman PQ, Dr James Fry Chairman LMC international UK, Ms Emily French Managing Director ConsiliAgra United State and others also spoke the conference.