Speech by Mr. Akbarali at KCA meeting

07 Jan '08

5 min read

COTTON POLICY AND OTHER DEVELOPMENTS:
The free trade policy in cotton i.e. free exports and imports of cotton without any duty and quantitative or qualitative restrictions followed since 2001-2002 has also been maintained by the Government in 2007-08.

During the whole year, the farmers got higher price for their produce as the price of cotton rose upto Rs. 2,900/- per maund on July, 18, 2007.

During the year 2006-07, the Board made its extensive efforts to obtain permission of the Government to resume Hedge Trading in Cotton under the aegis of the Karachi Cotton Association.

In this context, the undersigned accompanied with prominent colleagues on the Board and Senior Members of the KCA held various meetings with the Government in 2006-07. The efforts to resume Hedge Trading in Cotton has been continued.

GUESTS AND OTHER ACHIEVEMENTS:
Mr. Sikander Hayat Khan Bosan, Honorable Federal Minister for Food, Agriculture and Livestock and Mr. Zafar Mehmood, Federal Secretary for Textile Industry visited the KCA on 03.03.2007 & 02.08.2007 respectively and held meetings with the Board of Directors and senior members of the Cotton Trade to discuss matters relating to the cotton trade, most particularly, relating to production of cotton, research and cotton policy etc.

Mr. Razi-ur Rehman Khan, Chairman, Securities and Exchange Commission of Pakistan visited the KCA on 20.07.2007. A detailed presentation on Hedge Trading in Cotton was arranged by the KCA to highlight the use, benefits and utility of Hedge Trading in Cotton followed by Questions & Answers session.

It is a matter of great satisfaction and happiness that by the Grace of Almighty Allah, the performance of the KCA Laboratory during the year 2006-07 recorded quite satisfactory.

Before closing my speech, I congratulate the new Board of Directors on their un-opposed election for the year 2007-08 and hope that the new Board comprising of some of the most veteran members of the cotton trade would meet the day to day challenges which may lie ahead in matters relating to cotton trade efficiently and effectively and successfully resolve the problems which may crop-up in marketing of cotton during the year 2007-08.

I express my deep thanks to Mr. Sohail Naseem, Vice-Chairman, The KCA for his dedicated and devoted services rendered by him to run the affairs of the Association effectively despite his heavy occupations.

I also express my deep thanks to my colleagues on the Board and members of the Association for providing all assistance, co-operation and guidance during my tenure as Chairman according to the expectations of the members of the trade.

I especially record my appreciations for the efficient, dedicated & devoted services rendered by Mr. S. A. Jawed, Secretary Mr. Yunus Husain Khan, Deputy Secretary and officers and staff of the Association during the year under review.

I also express my thanks to the Press for extending their full co-operation in covering the activities of the Association during my tenure as Chairman, The KCA.

Karachi Cotton Association

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