Islamabad: The Federation of Pakistan Chambers of Commerce and 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 mutual interest to promote research and industrial linkages, training, education and employment opportunities between by both institutions.
The MoU was signed by President FPCCI, Mr. Atif Ikram Sheik and Director, Better Cotton Initiative (BCI), Ms. Hina Fouzia during an event in Islamabad. The MoU was signed as witnesses by Ms. Quratul Ain, Vice President, FPCCI and Mr. Muhammad Shuaib, Supply Chain Manager, BCI.
Ms. Quratul Ain, Vice President, FPCCI, Mr. Karim Aziz Malik, Chairman, FPCCI Capital Office, Malik Sohail Hussain, Coordinating Chairman, FPCCI Capital Office, Ms. Lena Staafgard, CHIEF OPERATIONS DIRECTOR, Better Cotton Initiative Pakistan, Mr. Willems Jerpen, Head of Cooperation, EU Embassy and prominent businessman also attended the said ceremony.
The objective of the FPCCI-BCI MoU is to promote the production of better cotton internationally and to implement joint and synergistic activities to ensure sustainability in cotton production.
FPCCI President Mr. Atif Ikram Sheikh said that cotton production will generate enough income for more than 250 million people worldwide. Approximately half of all textiles are made from 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 other textile products. Pakistan is the 8th largest textile exporter in Asia. It is the 4th largest producer and 3rd largest consumer of cotton. It comprises 46% of the total manufacturing sector and provides employment to all at most 40% of the total workforce.
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FPCCI President Mr. Atif Ikram Sheikh further said that I am happy to sign this MoU with the Cotton Better Pakistan initiative because of the changing dynamics of the textile and cotton market where Pakistan desperately needs to meet the demand of the textile industry. We are lagging behind in the production of cotton as per our requirement. We are producing around 8 to 9 million bales which should increase as it is the main sector of the country.
We place great emphasis on supporting supply chains by ensuring the supply of raw materials to our leading export sector, the textile industry. He said that this MoU signed between FPCCI and Better Cotton is an important step in creating and developing strong ties between two important stakeholders. If we want to compete in this world, we need to produce a quality cotton textile product to be exportable.
