The Pakistan Economy Watch on Sunday said the country is spending billions of dollars on the import of agricultural products which indicate the want of enabling policies.
Pakistan can save billions of dollarsannually by encouraging domestic agricultural sector which is in a shamble, it said. We are spending over two billion dollars on the import of edible oil only which can be saved if domestic production is promoted, said Dr. Murtaza Mughal, President PEW.
Over two million tonnes of annual edible oil imports costs around $ 2.4 billion making it second largest import after petroleum products, he added. Dr. Murtaza Mughal said that that proper farming, production, processing and marketing will not only reduce dependence on imports but also help earn foreign exchange.
He said that despite being an agrarian economy we are unable to produce sufficient edible oil which leads us to spend a substantial amount of foreign exchange at a time when country badly needs it.—PR