Multan: Chairman of the Pakistan Cotton Ginners Association (PCGA), Sham Lal Manglani, has expressed deep concern over the prolonged closure of the historic Karachi Cotton Association (KCA) building, calling it a stark contradiction to the government’s claims of reviving cotton production and boosting foreign exchange through this vital crop.
Sham Lal Manglani emphasized that KCA is not just a building it is the symbol of Pakistan’s cotton pricing, transparent trade, and market discipline. The daily spot rates published by KCA serve as a reference point for the entire cotton sector, relied upon by ginners, traders, mills, banks, and insurance companies.
He warned that the closure of the Cotton Exchange has disrupted the free and transparent pricing mechanism, placing the livelihoods of ginners, brokers, and small traders under severe pressure. This comes at a time when Pakistan is already facing challenges such as declining cotton production, import pressure, and global market competition, making this decision potentially detrimental to the industry.
Sham Lal Manglani reminded that the KCA building has been the center of Pakistan’s cotton economy since 1940, and weakening this institution effectively undermines the entire cotton value chain. He stressed that if the government genuinely intends to restore cotton to its former prominence, the sector’s core institutions must be revitalized first.
The PCGA chief has urged the federal government to immediately de-seal the Karachi Cotton Association building and restore it to its original role, ensuring the reestablishment of confidence, transparency, and continuity in cotton trade. He further emphasized that ignoring the voices of all cotton stakeholders could have adverse consequences for the national economy.