Duty on cotton yarn to be reduced: PM’s visit to Faisalabad termed successful, encouraging

ISLAMABAD: Business community and exporters on Wednesday termed Prime Minister Imran Khan’s visit to Faisalabad successful and encouraging, where value-added textile sector was also assured of reducing duty on import of cotton yarn from the current 10 percent to five percent to boost exports.

During one-day visit, the prime minister also addressed businessmen and industrialists in Faisalabad on Wednesday.

He said suggestions and input from the business community would be welcomed to strengthen the economy.

Talking to Business Recorder, exporters and representatives of the Faisalabad Chamber of Commerce and Industry (FCCI) said the prime minister intended and committed to revive industrial sector, which was pivotal for the country’s economic revival.

Zia Alamdar, former president FCCI said the main objective of the PM’s visit was to celebrate the practical steps taken by the incumbent government for revival of industrial sector including giving relief on electricity and gas charges as well as paying outstanding refunds.

Alamdar said that a summary to the Economic Coordination Committee (ECC) of the Cabinet would be moved next week, recommending reducing duty from the current 10 percent on cotton yarn import to five percent.

Alamdar further said the business community also requested the prime minister for improving road infrastructure, health facilities as well as inducting a member from Faisalabad into the federal cabinet to highlight business community and exporters’ genuine issues in a better way.

Chaudhry Salamat Ali, representative of Pakistan Hosiery Manufacturers and Exporters Association (PHMA) said the PM’s practical steps and visit would reduce doing business cost and would encourage exporters.

He said if government reduced duties on raw materials it would certainly boost production and create job opportunities.

Mian Naeem, a representative of value-added sector, said there were huge demands and orders received for Pakistani products.

“The main issue to meet the orders is the cost of production. If the government fulfills its commitment of reducing duty on cotton yarn, which is being used as raw material for finished products, and reduce gas and electricity charges, exports will increase manifolds,” Naeem added.

Copyright Business Recorder, 2020