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Announcement of new textile policy with no delay: PBIF

Published: March 18, 2021
Author: thaifilatex

Karachi: Mian Zahid Hussain, Chairman of National Business Group and President Pakistan Businessmen and Intellectuals Forum (PBIF), stated that textile policy has been held up for three years therefore new policy shall be announced with no delay. He further added yarn should be provided to the value-added sector at a fair price so that it remains competitive in the international market.

He also mentioned that exports are decreasing while imports are swelling which would lead the external sector under pressure.

Exports submerged by 4.5 percent during the month of February as compared to the last year from 2.14 billion dollars to 2.044 billion dollars, he added.

Mian Zahid Hussain said that apart from overall exports, the critical textile sector exports also fell by 3.12 percent from 1.27 billion dollars to 1.23 billion dollars which has raised concerns.

He claimed that the decrease in exports is due to the increased cost of doing business including energy prices, delay in repayment of refunds and hike in the cost of inputs.

He stated that the value-added sector has recorded a reduction due to the cost of yarn which could have been avoided by allowing import of cotton and yarn from India, the inexpensive source of raw material for Pakistan.

If the sourcing of raw material was not permitted from India it would further smack the textile sector therefore an appreciative decision shall be taken with no delay, he notified.

 

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