ISLAMABAD (DNA) – The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and Better Cotton Initiative Pakistan have signed a Memorandum of Understanding (MoU) to establish long-term, sustainable and mutually beneficial cooperation in areas of bilateral interest for promoting research, industrial linkages, trainings, education and employment opportunities between the two institutions.
The MoU was signed by President FPCCI, Mr. Atif Ikram Sheik and Country Director Better Cotton Initiative (BCI) Ms Hina Fouzia during the event at Islamabad. The MOU was signed as a witness by Ms. Quratul Ain Vice President FPCCI and Mr. Muhammad Shuaib, Manager, Supply Chain BCI.
Ms. Quratul Ain, Vice President FPCCI, Mr. Karim Aziz Malik Chairman FPCCI Capital Office, Malik Sohail Hussain Chairman Coordination FPCCI Capital office, Ms. Lena Staafgard, CHIEF OPERATING OFFICER, Better Cotton Initiative Pakistan, Mr. Willems Jerpen, Head of Cooperation, EU Embassy and prominent businessman has also participated in the said ceremony.
The objectives of FPCCI-BCI MoU is to promote the production of better cotton internationally and to implement joint and synergetic activities to mainstream sustainability in cotton production.
President FPCCI Mr. Atif Ikram Sheikh said that production of Cotton will generate ample income for more than 250 million people worldwide. Approximately half of all textiles are made of cotton. He further said that Pakistan is blessed with Cotton production. Pakistan has a supply base for almost all man-made and natural yarns and fabrics, including cotton, rayon, and others products of textile. Pakistan is the 8th largest exporter of textile products in Asia. It is 4th largest producer and 3rd largest consumer of cotton. It comprises of 46% of the total manufacturing sector and provides employment to all most 40% of the total labor.
Mr. Atif Ikram Sheikh President FPCCI further said that I am glad to sign this MoU with Cotton Better initiative Pakistan because the changing dynamics of textile and cotton market where Pakistan is in desperate need to fill the textile industry demand. We are lagging in production of cotton according to our requirement. We are producing approximately 8 to 9 million bales which should be increase as it is a main sector of the country.
We give great importance to promote supply chains by ensuring provision of raw material to our leading export sector the textile industry. He said that this MoU signed between FPCCI and Better Cotton is an important step in bringing and developing strong linkages between the two important stakeholders. If we want to compete in this world, we have to produce quality cotton textile product to make it exportable.
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