KARACHI: The Value Added Textile Associations (VATA) has presented a demand of 5 percent duty withdrawal on import of cotton yarn.
Chairman Pakistan Apparel Forum and spokesman of VATA Muhammad Jawed Bilwani, flanked by more than dozen members of association, at a press conference, said that the spinning companies were making profits and there is no report of any closures while the value added textile industries have been suffering huge losses and several of them have been compelled to close down just because of high costs of doing business. 5% duty on import of cotton yarn is adding to burdens.
There has been mass closure of weaving units. If cost of doing business especially of price of raw material is brought down then exporters will get orders from foreign buyers resultantly weaving units will get business from the exporters and will save those weaving units which are on the verge of closure”, he maintained.
Chairman APTMA was addressing a meeting of the manufacturers of fine counts cotton yarn at APTMA Punjab office. The spinners expressed deep concerns over heavy influx of highly subsidised fine count cotton yarn from India with more than 25% subsidisation, affecting the viability of as many as 30 local mills, exclusive producers of fine count cotton yarn. Besides, adverse implications are looming around on the while in the yarn market, he added.
