KARACHI: Pakistan Apparel Forum Chairman Javed Balwani has rejected the imposition of regulatory duty on import of cotton yarn.
Talking to Customs Today, he said that there is no regulatory duty on waste material in any other country. He said that spinning sector is a part of textile sector. He said that four associations, including Pakistan Hoisery Manufacturers Association, Pakistan Readymade Garments Manufacturers and Exporters Association, Pakistan Knitwear and Sweater Exporters Association and Pakistan Cotton Fashion Apparel Manufacturers and Exporters Association, also part of the textile sector.
He said that value addition performance of woolen garments sector is 846 percent, hosiery knitwear garments 616 percent and spinning sector 59 percent.
He said that only forge and disqualified spinning mills are showing losses while remaining spinning mills are earning handsome profit.
He further said that during the year 2010 spinning mills earned record profit now some owners of spinning mills are avoiding to pay profit share to their partners and showing losss. He urged government to conduct a thorough inquiry into all this matter and save interests of shareholders.
