Ihtesham Javed concern over artificial shortage of yarn

The textile export will be overturned if instant steps were not followed for the availability of cotton yarn at reasonable prices. It was stated by Engineer Hafiz Ihtesham Javed, Faisalabad Chamber of Commerce & Industry president in Faisalabad on Sunday.

He was attending a zoom conference 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 attended the event.

As stated by Ihtesham Javed, he is extremely concerned over the artificial shortage of yarn with the desire to raising its prices and said that it was terrible for the entire value-added textile chain. He said that Faisalabad yarn market usually shut down after 8 pm to 9 pm, but now it continues deceitful businesses of extortion to earn money till late in the night.

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“This was not only a risk to the value-added textile sector but is also giving rise to huge financial loss to the government fund through tax and duty evasion”, he added. He stated that viscose mixed cotton yarn was being imported in the garb of cotton yarn. He elaborated that export products consuming this mixed cotton would cause the foreign buyers to cancel their orders which would result in a threat to the national exports. He requested the government to instruct the spinners to clearly print the ingredients of cotton yarn on each bag.