Faisal Moiz Khan, President North Karachi Association of Trade & Industry (NKATI), has appealed the government to allow the import of cotton yarn and end all taxes, duties on cotton yarn import for a long-term to compete with regional countries so that textile industry may be saved from catastrophe.
In a meeting held at NKATI, appreciating the federal government’s decision to withdraw import duty on cotton yarn, the industrialists said that the government needed to take further steps to pull the country out of the severe economic crisis caused by the coronavirus. The meeting was attended by Senior Vice President NKATI, Shabbir Ismail, Vice President, Naeem Haider, members of the managing committee and members of NKATI.
Faisal Moiz Khan further said that the industrial community is very grateful to Prime Minister Imran Khan and Advisor for Commerce, Textile, Industry, Production & Investment, Abdul Razzaq Dawood for their efforts. However, instead of imposing a reduction in customs duty on cotton yarn imports for a limited period, it should continue until the supply of basic raw materials to the textile industry returns to normal.
“If the government reverses this important decision after a short period of time, it will create a nationwide shortage of cotton yarn, which will have a negative impact on the price of cotton yarn and it will also have a very negative impact on textile exports”, he stressed the need for the government to ban on the export of cotton, which is essential for value-added industries, and doing so will boost the country’s economic development.
Faisal Moiz called on the federal government to allow the import of cotton yarn for saving the textile industry from disaster, which is the backbone of the country’s economy, so that the textile industry can flourish and the country’s exports can also increase
NKATI president added that a large number of benefits could be reaped thanks to the positive steps taken by the federal government and timely fulfilment of export orders in the international market can lead to prosperity in the national economy.
