FPCCI urges handover of Cotton Exchange Building to KCA
- Says closure severely impacts Pakistan's cotton economy
The FPCCI expressed deep concern over the prolonged closure of the historic Cotton Exchange Building, urging authorities to restore its possession to the Karachi Cotton Association and its tenants, citing adverse impacts on Pakistan's cotton economy.
- Impact of the Cotton Exchange Building's prolonged closure.
- Historical role of the Karachi Cotton Association.
- Closure of the world-renowned Fiber Testing Laboratory.
The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) expressed its deep concern on Monday over the prolonged closure of operations at the historic Cotton Exchange Building.
The federation also urged the authorities concerned to facilitate the restoration of possession of the premises to the Karachi Cotton Association (the KCA) and its legal tenants.
In a statement, Atif Ikram Sheikh, President FPCCI, said that since its inception in 1933, the KCA served as a premier body of cotton trade in Pakistan and played a “vibrant role in supporting the cotton trade and industry in Pakistan through market facilitation, transparency, price discovery and stakeholder coordination”.
Moreover, Senior Vice President FPCCI Saquib Fayyaz Magoon highlighted that the Cotton Exchange Building historically served as the centre of Pakistan’s cotton economy and housed various cotton merchants, exporters, service providers, cotton brokers and businesses concerned with the cotton and textile value chain.
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“FPCCI believes that the prolonged disruption of activities at the Cotton Exchange Building has adversely affected all stakeholders of the cotton economy and has unnecessarily impacted the functioning of a premier institution which has served Pakistan’s cotton economy for generations,” Magoon said.
In his statement, VP & Regional Chairman Sindh, FPCCI, Abdul Mohamin Khan urged to immediately hand over the possession of the Cotton Exchange Building to the KCA and its legal tenants as per the order of the Sindh High Court.
He said that the FPCCI was also concerned over the closure of the KCA’s Fibre Testing Laboratory, equipped with a high volume instrument (HVI) 1000 M1000.
“The laboratory provided much-needed facilities for cotton testing to the entire cotton trade and textile industry.
It is worthwhile to mention that the KCA’s Fibre Testing Laboratory has ranked No. 1 in the World’s Cotton Testing Laboratories,” he said.
A total of 209 commercial offices, many of which have been operating continuously since the creation of Pakistan in 1947, have been rendered dysfunctional overnight.
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