KARACHI, May 1: Federal Minister for Industries and Production has called upon local investors to set up palm oil refineries in the country so that locally produced palm oil can be utilized and foreign exchange can be saved.

He was speaking at a meeting with office bearers of Pakistan Coconut and Oil Palm Plantation Society (PCOPS), led by its Chairman Kokab Iqbal here on Wednesday.

The minister said that under the government’s new public- private sector partnership scheme, local investors should set up palm oil mills.

He hoped that Malaysia would provide technology and would assist in palm oil plantation.

The government is also providing all out assistance for promoting palm oil plantation, he added.

He said that presently Pakistan is spending precious foreign exchange reserves on import of palm oil from Malaysia and with local production this foreign exchange can be utilized for other sectors of the economy.

Jatoi assured his full cooperation to the Pakistani producers of palm oil.

Earlier, the PCOPS Chairman said that due to government’s incentives local growers have produced a crop of oil palm at 1200 acres, but due to absence of palm oil mills, this crop is not being utilized.

He said if the crop is not utilized the growers will not be encouraged to grow further.—APP