Ten per cent duty on imported yarn is a blunder which is tantamount to kill the value added textile sector which was the mainstay of the textile sector, said President Faisalabad Chamber of Commerce and Industry Chaudhary Muhammad Nawaz.
Commenting on the recent decision of Federal Finance Minister, Ishaq Dar with All Pakistan Textile Mills Association (APTMA) he criticised the isolated decision and said that these decisions would certainly give backlash.
Subs tainted his stance he said that APTMA is representative of only one segment of spinners. We support them as regards high cost of doing business in Pakistan, he said and added that there demand to supply electricity reducing its cost and payment of stuck up refunds are very genuine and we fully endorse these demands but as regards the imposition of duty on imports of yarn is highly detrimental to the value added textile sector which was earning precious foreign exchange despite of the daunting internal and external challenges.
He demanded that government should withdraw the unilateral decision of imposing duty on yarn and start negotiation with all stake holders to evolve a consensus policy to drag out the textile sector from crisis.