Pakistan Government Formulating New Cotton Policy

Rana Muhammad Farooq Saeed Khan, Pakistan's Federal Minister of textile industry, said in a seminar on the responsibility of textile industry held at the university campus of the University of Rana Mohamed Farooq Saidkhan, revealed that the government is formulating a new comprehensive cotton policy aimed at protecting the interests of all stakeholders.

He said that the textile industry is the main pillar of the national economy. Therefore, promoting the development of the textile industry is a priority for the government.

Moreover, the government has decided to protect cotton farmers from the harm of market operators. For this reason, the government plans to buy all cotton from the market and then provide cotton to the spinning factory as needed.

The minister said the government is also making policies for further growth in the textile industry aimed at improving productivity by improving the profit potential of $25 billion a year.

To help the textile industry achieve this goal, the government will provide all support to stakeholders.

He further stated that at present, the government is taking all feasible efforts to protect the rights of the spin sector stakeholders, the value-added textile sector and the cotton textile sector.

In order to save the added value textile sector, impose a 15% regulatory tax on the export of yarn because it is difficult for the value-added sector to complete the international export contract.

The value-added textile sector has the potential to generate foreign exchange earnings, so government intervention is necessary to save the sector from collapse.