Lahore: Pakistan’s sugar manufacturers have vehemently opposed a proposal to introduce a 50% regulatory duty on sugarcane molasses exports, arguing it would harm the industry and farmers, reported The News.
The Pakistan Sugar Mills Association (PSMA) Punjab Zone, in a statement, warned that the proposed duty would render molasses exports uncompetitive and significantly reduce profitability within the sugar sector.
“A 50% regulatory duty would not only inflict losses on the sugar industry but also impact the future ability of sugarcane farmers to receive fair prices for their crop,” a PSMA spokesperson remarked.
Furthermore, the association urged the removal of the existing 15% regulatory duty on molasses exports, highlighting its potential to boost exports and generate valuable foreign exchange for the country.
“Exporting sugarcane molasses offers greater benefits compared to other options, and contributes significantly to foreign exchange reserves,” the spokesperson added.
