The Pakistan Sugar Mills Association (PSMA) has demanded that the government completely deregulate the sugar sector.

The demand was made in a meeting of the general body of the sugar mills association, in which the challenges facing the sugar industry and policy matters were discussed in detail.

Participants of the meeting maintained that deregulation will develop the sector more effectively.

According to the association, the sugar industry is Pakistan’s second-largest agricultural industry after textiles, providing a substitute for $4 billion in sugar imports.

During the crushing season, the sugar industry generates business activities worth about Rs1,000 billion and pays Rs225 billion annually in taxes to the federal, provincial and local governments.

The association pointed out that two of the country’s major agricultural sectors — rice and maize — are already fully deregulated. In this context, deregulation of the sugar sector is also a pressing need of the time.

The Sugar Mills Association urged the government to adopt a clear and long-term policy regarding the deregulation of the sugar industry so that the sector can play a more effective role in the national economy.