Khawar Noorani, Chairman- Standing Committee on Imports, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) requested Prime Minister Imran Khan to withdraw the regulatory duty on polyester spun yarn in order to protect the textile industry from disaster.
Noorani added that the textile sector relied on imported polyester spun yarn to continue production activities because local manufacturers were unable to meet the demand of industries.
Currently, according to him, the local industry meets about 30-35 per cent of total yarn demand of Pakistan while the remaining 65-70 per cent is covered through imports.
Despite this, local yarn manufacturers have created a monopoly and they continue to take full advantage of the lack of government supervision by setting arbitrary prices for yarn, he said. He regretted that by imposing regulatory duty on yarn import, the government had jeopardized the entire textile sector while local yarn manufacturers continued to benefit.
Noorani requested the prime minister to withdraw the regulatory duty on spun yarn in order to save the textile industry from complete devastation.