Karachi, October 15, 2018 (PPI-OT): Syed Mazhar Ali Nasir, Senior Vice President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) lauded the government decision to consider withdrawal 5 percent sales tax on the import of cotton and termed it in line with the demand of the textile sector.
In a statement he said that the depressed textile sector has taken a sigh of relief because due to the high cost of doing business and inadequate supply of raw cotton almost 140 textile mills closed their operations resulting in a loss of one million jobs. Further around 75 to 80 mills were on the verge of closure which would add another 0.5 million to the unemployment figure, he remarked
He pointed out that due to the closure of about 140 mills and the mills operating under capacity, Pakistan’s textile exports is suffering a loss of more than 4 billion US$ per annum which could have been a vital contribution in addressing the problem of the high trade deficit.
Syed Mazhar Ali Nasir said that the cotton crop of the country is far behind the consumption requirement of 15 million bales, for the third consecutive year, as a result, the industry is compelled to import cotton from other countries to meet its annual consumption requirement.
He said that such business friendly decisions would not only help in developing a better rapport between the government and the business community but would definitely give a much need boost to our export.
For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk