Coordinator Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Malik Sohail and Member Cotton Committee Malik Tanveer Arshad have demanded of the government that the proposed cotton authority should be set up immediately. The severe shortage of water in the cultivation process should also be eliminated immediately. The former Prime Minister Imran Khan approved the formation of a Pakistan Cotton Authority to ensure quality seed, monitoring and enhancing the yield.
In a joint statement, the stakeholders said that cotton in the New York Cotton Market is 145 cents per pound while the price of cottonseed oil in the local market is Rs 15000 per 40kg.
Given these conditions, there is a clear possibility that cotton farmers will get more compensation from the upcoming crop than the previous year. They said that kappas were sold in Pakistan up to Rs 10,000 per 40kg last year.
Pakistan’s economy is linked to agriculture, especially cotton. He said that textiles accounted for 62 percent of Pakistan’s total exports, and the former government had proudly announced the export remittance but never declared import in front of the nation.
While meeting with Prime Minister Shahbaz Sharif, the Business Council of Pakistan suggested reducing imports. They said that the balance of export and import is necessary for real development, and that is only possible by enhancing cotton production to reduce the import bill.
