Coordinator Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Malik Sohail and Member Cotton Committee Malik Tanveer Arshad have demanded from the government that the proposed Cotton Authority should be set up immediately
Lahore (Pakistan Point News - 10th May, 2022) Coordinator Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Malik Sohail and Member Cotton Committee Malik Tanveer Arshad have demanded from the government that the proposed Cotton Authority should be set up immediately. The severe shortage of water in the process of cultivation should also be eliminated immediately. In South Punjab, about 70% water shortage is being recorded on Taunsa Canal, Panjnad, Trimun Canal, Bahawal Canal.
Markup should be reduced immediately causes obstacle to the Industrial development. Considering the prices of cotton and edible oil in the international market, there is a golden opportunity for Pakistan to achieve maximum production of cotton and stabilize the national economy. In a joint statement, they said that the price of cotton in the New York Cotton Market is 145 cents per pound while the price of Cottonseed oil is local market is Rs 15000/= per 40kg.
Given these conditions, there is a clear possibility that Kappas Farmers will get more compensation from the upcoming crop than the previous year. They said that last year kappas was sold in Pakistan up to Rs.10000 per 40kg. They further said that Pakistan's economy is linked to agriculture, especially cotton. He said that textiles accounted for 62% of Pakistan's total exports and the former government had proudly announced the export remittance but never declared import infront of Nation.
While meeting with Prime Minister Shabaz Sharif business Council of Pakistan suggest to reduce in import .they said that the balance of export and import is necessary for real development. That is only possible with enhancing production of Cotton to reduce import bill .They said that a meeting of the delegation of Pakistan Cotton Ginners Association with Prime Minister Mian Shahbaz Sharif is expected soon on the agenda to Increase Cotton production and elimination of unnecessary taxes.they demanded that FPCCI and Pakistan Cotton Ginners be represented in the Business Council of Pakistan so that the basic problems of the country could be identified and their solutions possible.