ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan has held discussions with Pakistan Ginners Association and Pakistan Pharmaceutical Manufacturers Association (PPMA), to address their issues.
Talking to Chairman Pakistan Ginners Association Dr Jassu Mal, the Minister highlighted the alarming decline in the number of ginning companies from 1,200 to just 400, leading to underutilisation of electricity resources and disruptions in the cotton supply chain. He emphasised that cotton was not merely a commodity but a livelihood, with millions of people in Pakistan depending on its growth, harvesting, and processing.
Khan acknowledged the heavy taxation across the cotton production cycle—from pesticides to ginning and oil extraction—that has made it difficult for cotton to compete with other crops. He stressed that the government was treating that issue with urgency, particularly given the $3-4 billion spent annually on cotton imports, which could be saved by reviving domestic production.
Tauqeer elected PPMA Chairman for 2024-26 term
Proposing a series of seminars and workshops, the Minister expressed the government’s commitment to collaborating with industry stakeholders, including APTMA and exporters, to formulate a comprehensive action plan. He also encouraged the Association to submit proposals for funding through the Export Development Fund (EDF) to help reinvigorate the sector and boost exports.
Dr Jassu Mal appreciated the Minister for his support and pointed out the sector’s once prestigious title of “white gold”. He warned that without intervention, the high taxation and electricity costs would continue to drive farmers away from cotton, despite its billion-dollar export potential.
The meeting concluded with a strong resolve to restore Pakistan’s cotton industry to its former glory, turning it back into a global player through urgent reforms and government support.
Meanwhile, a delegation from the PPMA, also met with Federal Minister for Commerce to discuss the challenges facing the sector and seek government support to enhance pharmaceutical exports. The Chairman emphasised that 95 percent of Pakistan’s pharmaceutical production was local, with only five percent imported, indicating a significant opportunity for export growth.
The Chairman highlighted that Pakistan’s pharmaceutical exports currently stand at $341 million, but with government backing, this figure could reach multiple billions of dollars. He proposed the establishment of a Pharma Export Promotion Council as a central organisation for the development of this innovation-driven sector, modelled on successful examples of neighbouring countries to streamline and enhance the industry’s performance.
Commerce Minister encouraged the PPMA to submit a comprehensive proposal to enhance exports, assuring them that the Ministry of Commerce, through the Export Development Fund (EDF), would provide the necessary support.
Copyright Business Recorder, 2024
Comments