HYDERABAD: President Hyderabad Chamber of Commerce and Industry Adeel Siddiqui has said that recent floods had destroyed 50 percent rice crop of Pakistan, whereas cotton crop had been washed way, a direct loss to cotton exports.

Talking to a delegation of importers and exporters in HCCI office, he said that Pakistan was the fourth largest country in export rice. He said that Pakistani rice was famous for its aroma and nourishment values. He said that rice exports would fetch $2bn. He said that climate change driven weather patterns had caused massive rainfall leading to damages to rice and cotton crops.

Siddiqui said that cotton exports were badly affected besides spinning industry. He said that damages to tomato and onion crops would also lead to increased burden on imports.

Adeel Siddiqui maintained that according to Pakistan Bureau of Statistics (PBS) figures for 2021-22 food items worth $9b were imported and in 2020-21 exports cost stood at $8.34bn. He urged government to prepare a comprehensive food security policy, adding that ensuring a balance between imports and exports was indeed a challenge for government.

HCCI Chief stated that government should use its full energy in increasing Pakistan’s exports and assistance should be sought from commercial consulate of Pakistani embassies in whole world. He said that even after $1.16bn tranche’s approval from IMF, 7pc depreciation in value of Pakistani rupee was a matter of concern. Siddiqui said that World Bank and Asian Development’s Bank conditions should be satisfactorily met so that loan could be obtained for ensuring stability in US dollar’s rate.

Copyright Business Recorder, 2022