KARACHI: Hanif Lakhany, Vice President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) & Senior Vice Chairman Pakistan Yarn Merchants Association(PYMA) and Vice Chairman Farhan Ashrafi & convener FPCCI’s Central Standing Committee on “Yarn Trading”, while expressing serious concerns over the delay to ban the export of cotton & cotton yarn, and asked the government an immediate ban on the export of basic raw materials to save the country’s industries from disaster.
In a statement here on Friday, Hanif Lakhany and Farhan Ashrafi drew the government’s attention to the continuous rise in raw material prices and the consequent unbearable rise in production cost, saying that the textile industry, which is the backbone of the country’s economy, nowadays is in serious trouble, as the rise in raw material prices in the local market is continue. On the other hand, contrary to the protection of the country’s economic interests, cotton & cotton yarn exports continue.
PYMA office bearers cited statistics that 32,694 metric tons of cotton yarn was exported in January 2021 and 44,419 metric tones in February 2021, despite a severe shortage of cotton octane yarn in the country. “Due to which the prices of raw materials continue to skyrocket in the local markets but the government did not ban the export despite the indications of the business community”, they added.
They further stated that Abdul Razzaq Dawood, Advisor to the Prime Minister on Commerce & Investment, had repeatedly assured the demand of the business community but the export of cotton & cotton yarn has not been banned so far to save the country’s industries from disaster.
“This has caused a wave of concern in the business community and they are unable to understand the reasons behind the continuous delay in banning the export of the most important raw material of the textile industry and putting the country’s industries at stake”, PYMA office bearers expressed concern.
Hanif Lakhany and Farhan Ashrafi also demanded the government to allow immediate import of cotton yarn from India, so that cheap raw material could be made available to the textile industry and timely delivery of export orders to foreign buyers.