PR No.326 Islamabad

The Finance Minister Mr. Mohammad Ishaq Dar inaugurated the 75th Plenary Meeting of International Cotton Advisory Committee at Islamabad that will be conducted from 30th October to November 4th, 2016. Mr. Sikandar Hayyat Khan Bosan, Minister for National Food Security and Research, The Parliamentary Secretary, Ministry of Textile Industry Sar Zamin, Agriculture Minister Punjab Dr. Furrukh Javed and Executive Director ICAC also graced the ceremony. While addressing to the 130 delegates from 29 countries Mr Ishaq Dar said that Pakistan is an active member of the ICAC since 1948. Pakistan had the honor to hold the Plenary Meeting in 1951 and now the PMLN Government under the leadership of Mian Muhammad Nawaz Sharif is hosting this meeting of International Cotton Advisory Committee. He said that over the years Pakistan has progressed in the arena of Cotton and now we are the 4th largest cotton producer, 3rd largest cotton consumer and 2nd largest cotton yarn exporters in the world.

He highlighted that Pakistan is one of the few countries having entire value chain that is very complex and majority of the countries either have upstream or downstream value chain with varying interests.

He mentioned that the Government is committed to introduce latest agriculture technologies and in this backdrop already carried out important amendments in Seed Act of 1976. Further, Plant Breeders Right Bill has already been passed from the National Assembly and would soon be placed in Senate. Moreover, due to recession, the commodity prices remained low and his government facilitated the farmers by providing direct support of Rs. 40 billion to the small farmers under Prime Minister package. The prices of Urea and DAP has been significantly reduced, along with tremendous increase in agriculture credit, further, mark up of agriculture credit has been reduced with credit guarantee scheme and reduction in electricity tariff for the farmers.

He informed the audiences from around the world about the financial and economic stability of the country by stating that during current financial year the GDP growth has been 4.71% which is record high compared to last eight years. In last three years, per capita income has increased by 17% in dollar terms. Average inflation in last three years has been less than 3% which was previously been around 12%. Meanwhile, the revenues have increased by 10.5% of the GDP compared to 8.5% previously. Fiscal deficit has been reduced to 4.3% compared to 8.2% three years back.

The Finance Minister also mentioned that his Government has taken historical steps during this budget and some of the measures are; zero rating of sales tax regime for five export oriented sectors including textile, duty free import of machinery, historically low mark-up rate of export financing scheme at 3% and long term financing rate at 5%. Moreover, this government is committed to initiate skills development of 1,20,000 people who are associated with Textile Industry. He also mentioned about the initiation of Technology Up-gradation Funds Support Scheme.

The Minister at the end read the message of Prime Minister of Pakistan in which the Prime Minister welcomed the participants and stated that under China-Pakistan Economic Corridor (CPEC) projects worth $ 50 billion would be initiated and this would bring prosperity for the whole region.

Before the speech of Finance Minister, Mr. Hassan Iqbal, Secretary, Ministry of Textile Industry welcomed the participants and said that cotton is source of distribution of wealth and earning precious foreign exchange. He said that future is in the value-added products and technological up-gradation.  The Executive Director ICAC Mr. Jose Sette also addressed to the participants and said that the International Cotton Advisory Committee is honored to hold its 75th Plenary Meeting in Islamabad, from October 30 to November 4.  Moreover, he said ICAC members are grateful to Pakistan for hosting the most important event of the world cotton calendar and look forward to a fruitful and productive week of discussions, as well as to enjoy the warmth and hospitality of the Pakistani people.

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