LAHORE: 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 process of cultivation should also be eliminated immediately.

In South Punjab, about 70 percent 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 in 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 last year kappas was sold in Pakistan up to Rs 10,000 per 40kg.

They further said that 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, Business Council of Pakistan suggested in reduction of 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.

Copyright Business Recorder, 2022