FAISALABAD: Chairman All Pakistan Cotton Power Looms Association Rana Azhar Waqar has said that despite fall in price of cotton in international markets, the yarn manufacturers have increased prices of yarn by 40%. This has severely affected the export of gray cloth and textiles.
He expressed these views while addressing a meeting of the Executive Council of the Association. Senior Zonal Vice Chairman Jawad Ikram Kahlon, Zonal Vice Chairman Muhammad Ajmal Kasuri, Chaudhry Javed Sadiq, Rana Khurram Akhlaq, Ejaznagra, Rana Amir Raza, Chaudhry Nawaz and others were also present on the occasion.
Rana Azhar Waqar said that the government should take serious steps to end the nexus of raising the prices of spinning mills. He called on the FIA and FBR to raid the warehouses of yarn dealers who have stockpiled huge quantities of yarn to create artificial shortages.
There is a danger that yarn prices could be raised and arbitrary prices charged, taking advantage of the local cotton shortage.
The association demanded that the government allow the import of duty-free yarn from all over the world for at least six months to overcome the crisis in the local market.—PR
Copyright Business Recorder, 2021