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Cotton yarn import is only solution to save textile industry: NKATI President

KARACHI: North Karachi Association of Trade & Industry (NKATI) President Faisal Moiz Khan has appealed to the government to allow the import of cotton yarn and end all taxes and duties to allow the textile industry compete with regional countries and saved it from catastrophe.

In a meeting held at NKATI, the industrialists appreciated the government’s decision to withdraw import duty on cotton yarn but said that further steps are needed to pull the country out of the severe economic crisis caused by the coronavirus pandemic

 The meeting was attended by Senior Vice President NKATI, Shabbir Ismail, Vice President, Naeem Haider, members of the managing committee and NKATI members.

Faisal Moiz Khan further said that the industrial community is grateful to Prime Minister Imran Khan and Commerce Adviser Abdul Razzaq Dawood for their efforts. However, he said 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 said.

READ MORE: ECC withdraws customs duty on cotton yarn import

He stressed on 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 due 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.