KARACHI, March 20: Pakistani exporters will purchase 500,000 tons of Irri rice, if needed, to cater to the existing buyers of rice to earn additional foreign exchange of more than $125 million for the country.

This was stated by Abdul Rahim Janoo, leader of the Rice Exporters Association of Pakistan delegation to India, while speaking at a press conference after his return from Mumbai here on Saturday. Deputy leader Javed Anis was also present on the occasion.

Mr Janoo said the REAP had set a target to export one million tons of Irri rice this year. "But the country is facing shortage of coarse rice and we have negotiated with Indian rice exporters to buy rice for re-export," he added.

He said that this year middlemen had resorted to hoarding for profiteering and prices of Irri-6 had increased from Rs9 to Rs13.50 per kg, showing a 50-per cent price hike.

He said that under this situation, rice exporters had sustained losses of millions of rupees to fulfil the commitments with the buyers.

Mr Janoo said that his visit to Indian was very successful and paved way for expanded cooperation between Pakistani and Indian rice exporters for mutual benefit.

He thanked the prime minister, the commerce minister and the Pakistani High Commission in New Delhi for extending all the support in making appointments with top Indian leaders, including Prime Minister Atal Bihari Vajpayee and deputy premier L.K. Advani and business organisations.

Mr Janoo said the REAP and the All India Rice Exporters Association (AIREA) had signed a memorandum of understanding for jointly fighting the case of protecting basmati rice heritage of Pakistan and India in US market.

The REAP leader said that Pakistani rice exporters would buy about ten plants worth $1 million for rice processing from India.

Similarly, Pakistani rice exporters will buy 10 skimming plants worth $0.4 million for aging basmati rice to increase value-addition. Karachi Wholesale Grocers Association chairman Anis Majeed said that vast potential existed for the export of Pakistani pulses to India. He said that some Pakistani exporters had already secured orders for the export of 3,000 tons of moong and gram pluses.-APP