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LCCI Lauds Cotton Sector’s Recovery Following Last Year’s Floods

Lahore, In observance of World Cotton Day, President of the Lahore Chamber of Commerce and Industry (LCCI), Kashif Anwar, has expressed optimism regarding the revival of Pakistan's cotton sector. The sector, which suffered significant damages from the floods last year, has reported a 71 percent increase in production. Anwar attributed the sector's recovery to efforts made by Federal Commerce Minister Gohar Ejaz, Chief Minister Punjab Mohsin Naqvi, and Punjab Minister for Energy, Industries, Commerce, Investment and Skills Development SM Tanveer.

According to a news release by Lahore Chamber of Commerce and Industry, Cotton, described by Anwar as "white gold," is vital for Pakistan's textile industry, contributing approximately 60 percent to the nation's total exports and supporting countless livelihoods. The LCCI President highlighted the sector's challenges from the previous year when torrential rains caused widespread flash floods, damaging residences and agricultural land.

He noted the alarming drop in cotton production from 8.3 million bales in the 2021-22 season to 4.9 million bales in 2022-23, emphasizing the importance of the sector to the nation's economy. "The decline in cotton production affects not only our farmers but also the entire value chain," Anwar stated.

To boost the production of this crucial crop, Anwar stressed the need for adopting contemporary farming techniques, investing in research and development, ensuring access to quality seeds, and extending financial aid to farmers. He further underscored the importance of creating a conducive environment that supports innovation and sustainable practices in cotton farming.

Concluding his remarks, the LCCI President said, "Our collective endeavours can elevate the cotton sector, contributing to national self-reliance and economic stability." He remains hopeful for sustained growth within the sector, urging stakeholders to support the cultivation of cotton and adopt sustainable farming methods, ensuring a prosperous future for Pakistan's farmers and textile industry.

The post LCCI Lauds Cotton Sector’s Recovery Following Last Year’s Floods appeared first on Pakistan Business News.