KARACHI: Former chairman and spokesman of Federal B Area Association of Trade and Industry (FBAATI) Idrees Gigi said textile exporters were not able to work at their full potential due to shortage of cotton yarn. Cotton production remained less than 15 million bales.
Limited to 5.5 million bales, the price of cotton is skyrocketing due to shortage in the country and exporters are currently facing uncertainty, cotton to the textile sector due to easy availability of raw materials.
Export of yarn should be banned completely and duty free import of yarn should be allowed.
He said all taxes and duties on import of cotton rayon should be abolished immediately so as to meet the major export orders in the value added textile sector of the country. Due to which it is difficult to complete export orders. The cost of electricity in Pakistan is much higher than India and Bangladesh.
However FBAATI chief Muhammad Ali said the supply of electricity, gas and water to the industrial areas was essential to maintain the continuity of development. He welcomed Federal Minister for Planning Asad Omar’s statement about the 11.4 percent increase in product manufacturing.
Copyright Business Recorder, 2021