KARACHI, Feb 6: Federal Industries Minister Liaquat Ali Jatoi said on Thursday that government wanted to reduce import bill of edible oil by increasing the cultivation of palm oil trees in the country.

“Pakistan is currently spending about Rs24 billion annually on the import of edible oil including palm oil, soybean, sunflower to meet domestic demand,” he added.

He was speaking at the “national conference on palm oil” at a local hotel. “The local cultivation of palm oil tree will give a better price to our growers as well as provide a raw material for our industry without spending foreign exchange,” he observed.

“We want to grow more palm oil tree in the country to produce our own raw material for the domestic cooking oil and ghee industry,” the minister added.

Later, talking to reporters, Jatoi said that the government wanted to encourage investment and industrialization in the country by reducing tariff.

He said rationalisation of tariff has slashed duties by 60 per cent, but the government wanted to give more incentives to industrialists and new investment.

At the same time, the government wanted to protect the interest of growers and consumers.

“I have invited cooking oil and ghee producers to come to Islamabad with their suggestions so their demands can be accommodated in the next budget,” he said.

He said that prime minister has issued clear instructions for removing all hindrance in the way of attracting investment.

He said that a pre-budget discussion, to be held shortly will help in formulating policies and tariff structure to boost investment and industrialization.

To a question about smuggling and dumping, the minister said that these issue have to be addressed on priority basis to save local industry.

“I will suggest Sindh government to take measures to control smuggling and dumping,” he added.

Addressing a luncheon hosted by Chairman PIDC, Zahid Hussain, which was attended by top bosses of various multi-national companies, here on Thursday, Federal Minister for Industries and Production, Liaquat Ali Jatoi, called for strengthening the manufacturing base of the country and said that government is going for expansion of Pakistan Steel.

The government, Liaquat Jatoi said, is introducing “one desk” operation at the international airports of Pakistan to facilitate the investors coming here to save them from red-tape.—APP