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Sunday, December 16, 2007

Indian cotton import proposal to be submitted in ECC

KARACHI: Caretaker Commerce Minister Shahzada Alam Monnoo said on Saturday that proposal for allowing import of normal cotton from India via Wagah Border would be submitted in the next meeting of Economic Coordination Committee (ECC).

Addressing the members of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), he said that textile industry was facing shortage of cotton and the government was makeing every effort to facilitate the availability of this vital raw material for the local industry. He said textile was the major industry and the largest export item and needed special attention. "The government will take every possible measure to provide support to the industry", he added. He further said that prices of oil, electricity and gas were beyond government's control but it could look at the mark up rates of the banks for textile sector.

He said the government had adopted a five-prong strategy to boost country's export. Referring to the ambitious export target of $45 billion for next six years, he said this would be met despite all the present challenges being faced by the country.

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