The Economic Coordination Committee of the Cabinet, in its next meeting, is likely to take decision for import of short staple cotton from India via Wahga.
Caretaker Commerce Minister Shahzada Alam Monnoo, addressing the members of the business community of Pakistan at Headquarters of Federation of Pakistan Chambers of Commerce & Industry (FPCCI) at Federation House here on Saturday, said that the government was taking some steps to meet the textile industry requirements of cotton and other raw material, and the proposal for import of short staple cotton was a part of these efforts.
He said that the government was aware that the country was facing some 3 – 4 million cotton bales shortage. Therefore, some steps were being taken to meet the industry’s demand.
“The recognition of women chamber of commerce and stuck up amount of Rs 9.23 million for the department of research and development in FPCCI would also be released in my tenure,” he said.
He said that, to address the challenges faced by textile industry, “We announced a number of initiatives in trade policy and government is still carrying on a consultative process to find feasible ways and means to over come these challenges”.
“The Government is fully cognizant that we are facing challenges both at home and abroad including rising energy prices, high financial costs, negative perceptions about Pakistan and in some cases market access issues are major obstacles to higher exports, he said.
However, the government was making efforts to reduce the cost of doing business and assisting industries to improve, he said.
He said that business friendly policies of the eight years had emerged from such informal and formal consultative processes that involved all stakeholders. The continuity of policies and their effectiveness have led to sustained economic growth.
The government has adopt trade diplomacy for increased market access diversification of export markets, strengthening of trade promotion infrastructure, skill development and provision of modern infrastructure, he said.
“We tried our best to facilitate you at home and abroad and to adfvocate Pakistan’s cases at various multilateral and bilateral for a, “he added.
Mr. Monnoo said that the entrepreneurial skills and the potential of enterprises could achieve, with some effort, a 16% growth rate in exports.
However, though the industrialists and exporters were doing a very fine job, yet much was needed to be done to achieve the rightful position in global trade, he added.
President Federation of Pakistan Chambers of Commerce & Industry Mr. Tanvir Ahmed Sheikh, Former President FPCCI Mr. S.M. Muneer, Federal Secretary Commerce Mr. Asif Shah, Secretary Textile Ministry Mr. Zahar Mahmood, Chairman Trade Development Authority of Pakistan Mr. Tariq Imram also spoke on the occasion.
