Following imposition of ten percent regulatory in import of Indian yarn, Shahid Rasheed Butt, patron of Islamabad Chamber of Small Traders on Friday expressed concern on rising price of cotton yarn in the local market .
Shahid Rasheed Butt said that the decision should be reviewed as value-added textile sector including garments and home textile sector which is providing jobs to millions and contributing more than any commercial part of the economy to the export earnings presently at 45 percent of total textile exports will be hurt which is dependent on Indian yarn. But the decision will benefit lobby of spinning mills.
Rising input costs, burden of taxes, infrastructure, rules and regulations and law and order situation has increased cost of doing business which will go up by the recent decision which can compromise Pakistan’s position in the international market, he added.
The recent decision will result in lost share of Pakistan to Bangladesh, Sri Lanka, China, Vietnam and India and may result in bankruptcies of many value-added units.
The veteran business leader said that the regional countries are following good practices, paying hidden subsidies while India allows export of surplus cotton only which results in stability for value-added sector.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) is committed to improving the health and nutrition of garment industry workers.
TextileGenesis and AEON have teamed up to launch DPPs to help businesses connect their products' entire lifecycle and meet upcoming…
Nano-Care Deutschland AG, known for its advanced surface finishes, is thrilled to unveil its latest line of products focused on…
CARBIOS, a leader in biological technologies for textiles, celebrated the start of construction for the world's first PET biorecycling plant…
Research team at Vienna University is investigating the application of filters crafted from cellulosic waste to eliminate harmful dyes from…
The LYCRA Company has joined forces with Qore, a collaboration between Cargill and HELM, to make the world’s first large-scale…