Federal Minister of Finance and Revenue Shaukat Tarin on Wednesday reaffirmed the government’s commitment to encourage and incentivize fertilizer manufacturers as well as exporters to respond effectively to domestic demand.
ISLAMABAD, (UrduPoint / Pakistan Point News – Aug 25, 2021): Federal Minister of Finance and Revenue Shaukat Tarin on Wednesday reaffirmed the government’s commitment to encourage and urge fertilizer manufacturers as well as exporters to respond efficiently to domestic demand.
Presiding a meeting with the President and other members of Pakistan Fertilizer Manufacturers Advisory Council (FMPAC), the Minister stressed the need to invest more in the fertilizer sector to improve domestic production and crop yields. .
While welcoming the President and members of FMPAC, the Minister praised the contribution of the fertilizer industry to national development.
The fertilizer industry was of paramount importance in agriculture as this sector contributes around 22% of Pakistan’s gross domestic product (GDP) and directly or indirectly employs nearly half of Pakistan’s workforce. in the agro-food industries.
The minister further said the COVID-19 pandemic caused a supply shock in global commodity markets and drastically increased the prices of agricultural inputs.
The current government, he said, was providing gas / RLNG at preferential rates to fertilizer factories for sustainable production during these trial periods.
He called on the chairman of the Federal Board of Revenue (FBR) to speed up the disbursement of reimbursements in order to improve the liquidity situation of the fertilizer industry.
It also formed a committee comprising the Secretary of the Ministry of National Food Security and Research, the Additional Secretary (CF) of the Finance Division and other relevant stakeholders to hold a consultative session and present recommendations with a mutual consensus for a way forward.
He has provided full support and facilitation to the fertilizer industry on occasion.
FMPAC President briefed the Minister on the challenges facing the fertilizer industry, such as cash flow crisis, mismatch between entry and exit GST on urea production, etc.
FMPAC President and other representatives of the fertilizer industry commended the Minister of Finance for his pro-farmers approach and ensured full cooperation.
Among others, the secretary of the finance division, the secretary of the Ministry of National Food Security and Research, the chairman of RBF and other senior officials were also present at the meeting.