KARACHI: Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA),
held a productive meeting with Federal Minister for Finance and Revenue, Senator Muhammad
Aurangzeb, and Minister of State for Finance, Revenue and Power, Ali Pervez Malik, in Islamabad. During
the meeting, the challenges facing the ghee and cooking oil industry were discussed in detail, with both
ministers assuring that the issues would be resolved on a priority basis.
Sheikh Umer Rehan praised the efforts of the finance ministers, acknowledging the difficult economic
conditions under which they assumed their responsibilities. He highlighted that when the ministers took
office, Pakistan was grappling with a severe economic crisis, dwindling foreign exchange reserves, a
rising trade deficit, and a lack of confidence within the business community. Additionally, local industries
were struggling due to complex tax issues and the rapid depreciation of the rupee. However, he noted
that through their tireless efforts, the economy has begun to stabilize, and business confidence is
gradually being restored.
The PVMA Chairman emphasized that he brought up key concerns regarding taxation and the smuggling
affecting local manufacturers in the ghee and oil industry. The ministers, he said, listened attentively
and assured him that immediate steps would be taken to address these issues.
Sheikh Umer Rehan further stated that with the right support and facilities, local production of edible oil
in Pakistan could be significantly increased, helping reduce the country’s reliance on imports and easing
the burden of the import bill.
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