The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday voiced serious concern over the continued closure of operations at the historic Cotton Exchange Building, urging the relevant authorities to restore possession of the property to the Karachi Cotton Association (KCA) and its lawful tenants.
In a statement, FPCCI President Atif Ikram Sheikh said that since its establishment in 1933, the KCA has served as Pakistan’s leading cotton trade body, playing a “vibrant role in supporting the cotton trade and industry in Pakistan through market facilitation, transparency, price discovery and stakeholder coordination”.
Senior Vice President FPCCI Saquib Fayyaz Magoon said the Cotton Exchange Building has long been the hub of Pakistan’s cotton economy, accommodating cotton merchants, exporters, brokers, service providers and businesses linked to the cotton and textile value chain.
“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,” Magoon said.
FPCCI Vice President and Regional Chairman Sindh Abdul Mohamin Khan called for the immediate implementation of the Sindh High Court’s order by handing over possession of the Cotton Exchange Building to the KCA and its legal tenants.
He also expressed concern over the closure of the KCA’s Fibre Testing Laboratory, which is equipped with the High Volume Instrument (HVI) 1000 M1000.
“The laboratory provided much-needed facilities for cotton testing to the entire cotton trade and textile industry.
It is worthwhile to mention that the KCA’s Fibre Testing Laboratory has ranked No. 1 in the World’s Cotton Testing Laboratories,” he said.
According to FPCCI, 209 commercial offices operating within the Cotton Exchange Building, many of which have remained in business since Pakistan’s independence in 1947, have been forced to cease operations following the closure.
