FPCCI Demands Cotton Exchange Building to be Returned to KCA Atif Ikram Sheikh, President FPCCI

Karachi: Mr. Atif Ikram Sheikh, President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), has expressed its deep concern over prolonged closure of operations at the historic Cotton Exchange Building and urges upon the authorities concerned to facilitate the restoration of possession of the premises to the Karachi Cotton Association (the KCA) and its legal tenants.

Mr. Atif Ikram Sheikh maintained that, since its inception in 1933, the KCA has served as a premier body of cotton trade in Pakistan and has played a vibrant role in supporting the cotton trade and industry in Pakistan through market facilitation, transparency, price discovery and stakeholder coordination.

Mr. Saquib Fayyaz Magoon, SVP FPCCI, highlighted that the Cotton Exchange Building has historically served as the centre of Pakistan’s cotton economy and has housed various cotton merchants, exporters, service providers, cotton brokers and businesses concerned with the cotton and textile value chain.

Mr. Saquib Fayyaz Magoon stated that FPCCI believes that the prolonged disruption of activities at the Cotton Exchange Building has adversely affected all stakeholders of the Cotton economy and has unnecessarily impacted the functioning of a premier institution which has served Pakistan's cotton economy for generations.

Mr. Abdul Mohamin Khan, VP & Regional Chairman Sindh, FPCCI, urged the authorities concerned to immediately hand over the possession of the Cotton Exchange Building to the KCA and its legal tenants as per Order of Sindh High Court; so that, the KCA may once again become fully operational and continue to play its pivotal role in Pakistan's cotton economy.

Mr. Abdul Mohamin Khan explained that FPCCI is also concerned over the closure of the KCA’s Fiber Testing Laboratory equipped with high volume instrument (HVI) 1000 M1000; which, provides much needed facility for the cotton testing to the entire cotton trade and textile industry. It is worthwhile to mention that the KCA’s Fiber Testing Laboratory has ranked No. 1 in the World’s Cotton Testing Laboratories.

FPCCI remains firmly committed to support all lawful efforts aimed at protecting institutions that contribute to the growth, competitiveness and sustainability of Pakistan’s cotton and textile sector.

Brig Iftikhar Opel, SI (M), Retd.

Secretary General