FAISALABAD: The increasing trend in textile export will be reversed if immediate steps were not taken for the availability of cotton yarn at reasonable rates, said Engineer Hafiz Ihtasham Javed, President Faisalabad Chamber of Commerce & Industry (FCCI).
He was participating in a zoom conference which was chaired by Abdul Razzak Dawood Special Advisor for Commerce & Investment to the Prime Minister. It was also physically attended by Khurrum Tariq and Khurrum Mukhtar while Syed Zia Alumdar Hussain and Chaudhry Muhammad Nawaz also participated in it through zoom.
He expressed deep concern over artificial shortage of yarn with ulterior motives to jack up its prices and said that it is disastrous for the entire value added textile chain. He said that Faisalabad yarn market generally closed after 8 to 9 P.M. but now it continues underhand businesses of extortion to mint money till late in the night.
"This is not only a threat to the value added textile sector but also causing huge financial loss to the government kitty through tax and duty evasion", he said and added that this situation has necessitated government intervention to check this illegal practice.
He said that viscose mixed cotton yarn is being imported in the garb of cotton yarn. He said that export products consuming this mixed cotton will prompt foreign buyers to cancel their orders which will be a threat to the national exports. He demanded that the government must direct spinners to clearly print ingredients of cotton yarn on each bag.
Ihtasham Javed along with other participant's reposed full confidence in Abdul Razzak Dawood and hoped that he would tackle these issues in best national interests.-PR
Copyright Business Recorder, 2021