Concern over artificial shortage of yarn

FAISALABAD: The textile export will be reversed if immediate steps were not taken for the availability of cotton yarn at reasonable rates.

It was said by Engineer Hafiz Ihtesham Javed, Faisalabad Chamber of Commerce & Industry president here on Sunday. He was participating in a zoom conference which was chaired by Abdul Razak Dawood, Special Advisor for Commerce and Investment to the Prime Minister. Khurram Tariq, Khurram Mukhtar, Syed Zia Alamdar Hussain and Chaudhry Muhammad Nawaz also participated in the event. Ihtesham Javed expressed deep concern over artificial shortage of yarn with ulterior motives to jack up its prices and said that it was disastrous for the entire value added textile chain. He said that Faisalabad yarn market generally closed after 8pm to 9pm, but now it continues underhand businesses of extortion to mint money till late in the night. “This was not only a threat to the value added textile sector but also causing huge financial loss to the government kitty through tax and duty evasion”, he added. He said that viscose mixed cotton yarn was being imported in the garb of cotton yarn. He said that export products consuming this mixed cotton would prompt foreign buyers to cancel their orders which would be a threat to the national exports. He demanded govt direct the spinners to clearly print ingredients of cotton yarn on each bag.