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APTMA welcomes ECC for supporting free market mechanism

02
Feb '12
Chairman All Pakistan Textile Mills Association (APTMA) Mohsin Aziz has welcomed the Economic Coordination Committee (ECC) decision of supporting the free market mechanism and let market forces define the prices of cotton in the country.

It may be noted that the Pakistan Cotton Ginners Association (PCGA) had urged the Prime Minister to ask the Trading Corporation of Pakistan (TCP) to intervene the free market mechanism and buy one million bales of cotton lint at Rs6500/bale to bail out farmers.

However, APTMA had opposed any such intervention, unbalancing the cotton price mechanism. The ECC was informed that only a small stock of cotton, that is less than 10 percent, is lying with the growers and any intervention at this stage would neither be prudent for cotton market not would benefit the growers. Accordingly, the ECC declined to the PCGA request in its latest meeting.

Mohsin appreciated the ECC for a prudent decision of discouraging a few opportunists, misguiding the government under the garb of cotton growers. He said the APTMA has never been against the benefit of cotton growers but it does not imply that anyone would be allowed to exploit the government by misstating the facts.

He said APTMA took a principled stand, based on facts that no one would be allowed to keep textile industry hostage under the garb of cotton growers. He said only a few hoarders tried to brinkmanship and failed at the end of the day. He said these hoarders had built up cotton stocks during floods on the presumption that Pakistan would be short of cotton. However, Pakistan remained safe from cotton shortage by the grace of Allah and same quarters started pressurizing the government under the garb of cotton growers.

He has appreciated the Textile Minister Makhdoom Shahab-ud-Din for lending a patient hearing and weighing the arguments of APTMA in favour of free market mechanism and deciding the matter on merit.

Chairman APTMA has also appreciated the ECC for understanding the APTMA viewpoint on free market mechanism and discouraging the unscrupulous elements. He has further expressed the hope that similar prudency would dominate government circles regarding energy supply to textile industry on priority for more exports, foreign exchange and jobs in the country.

All Pakistan Textile Mills Association (APTMA)


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