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PCGA urges TCP to buy low grade cotton
05 Dec '11
2 min read
The Pakistan Cotton Ginners' Association (PCGA) has made a request to President Asif Ali Zardari to ask Trading Corporation of Pakistan (TCP) to buy low grade cotton from the market to support cotton prices in the country.
From a record high of more than PKR 14,500 per maund, the prices of cotton have now declined to PKR 3,000 per maund owing to bumper arrival of cotton, which is of lower grade that does not meet the requirement of textile sector for their value-addition exports.
In the current 2011-12 season, Pakistan is estimated to have a bumper cotton production of 14.8 million bales.
“PCGA has urged President Zardari to intervene and direct the TCP to buy low grade cotton that is lying with us and one that is lying in Punjab which is also of low category, in order to support cotton prices in the country,” Mr. Amanullah Qureshi, Chairman PCGA, told fibre2fashion.
“We have talked to the PM about it and he is considering the matter. We also had a meeting with the Textiles Ministry department and we are hopeful that the Government will act positively in this matter and they would take the initiative to solve the issue,” the PCGA Chief added.
From a record high of more than PKR 14,500 per maund, the prices of cotton have now declined to PKR 3,000 per maund owing to bumper arrival of cotton, which is of lower grade that does not meet the requirement of textile sector for their value-addition exports.
In the current 2011-12 season, Pakistan is estimated to have a bumper cotton production of 14.8 million bales.
“PCGA has urged President Zardari to intervene and direct the TCP to buy low grade cotton that is lying with us and one that is lying in Punjab which is also of low category, in order to support cotton prices in the country,” Mr. Amanullah Qureshi, Chairman PCGA, told fibre2fashion.
“We have talked to the PM about it and he is considering the matter. We also had a meeting with the Textiles Ministry department and we are hopeful that the Government will act positively in this matter and they would take the initiative to solve the issue,” the PCGA Chief added.
Fibre2fashion News Desk - India
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