Pakistan Yarn Merchants Association (PYMA) Central Chairman Muhammad Usman on Monday appealed to the federal finance minister to save the downstream textile industry. In a letter to Finance Minister Ishaq Dar, the PYMA chairman pointed out that the local manufacturers of polyester filament yarn could only meet needs of 25% of the downstream industry. An investigation into injury was currently under way by the National Tariff Commission to review anti-dumping duty, while local manufacturers were lobbying to impose regulatory duty. The PYMA chairman said these attempts by the local manufacturers would put the entire weaving and knitting industry in grave situation, by increasing the cost of their basic raw material (yarn), thus making the entire downstream industry uncompetitive. Results would be disastrous for the exports that were already suffering on account of high energy costs.
Published in The Express Tribune, May 24th, 2016.
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