Pakistan'S Spinning And Weaving Department Will Work Together To End The Yarn Crisis.
Pakistan
With the upgrading of the yarn crisis, the spinning mills and value-added textile industry have decided to give up their differences and solve problems through dialogue, aiming at providing the government with a strategy to jointly revitalize the textile industry.
Informed sources said Thursday that Prime Minister Yusuf Raza Gillani (Yousuf Raza Gilani) personally intervened, demanding
Spin
Rana Mohamed Farooq Farooq (Rana Mohammed) called the two sides together to put an end to the 9 month old yarn crisis, which has seriously affected Pakistan's textile exports.
The leaders of the Pakistan Textile Mills Association (APTMA) predict that if prudently executed
Textile policy
Textile exports are likely to reach US $16 billion this year.
The two sides agreed to set up a committee of 16 people, 8 of them from the value-added sector and the Pakistan Textile Mills Association (APTMA). The committee will convene in recent days to resolve the differences between the two sides.
The prime minister is under pressure from voters in cotton growing areas. He hopes to solve the yarn crisis before cotton picking is fully developed.
All stakeholders agreed that it would be impossible to reduce yarn prices to current cotton prices.
Supplement:
On Tuesday, the Standing Committee of the textile industry of the Pakistan Congress suggested that the government extend the 15% regulatory tax on the expropriation of yarn, extending to August 26th, instructing the Ministry of textile industry to enact laws to crack down on the hoarding of cotton and yarns of the spinning factory owners, so that they may have more than 3 months' inventory and submit these questions at the next meeting of the Standing Committee of the textile industry.
The Standing Committee of the parliament textile industry discussed the problems and yarn problems of the textile sector with banks and problems.
Loans and other banking problems were not resolved at this meeting because the meeting lacked the leadership of major banks.
The Standing Committee of the national textile industry is not satisfied with the president of the state bank and the president of the other six main banks who did not take part in the meeting.
The committee recommends that 15% of the adjustment tax on yarn exports should be extended to August 26, 2010, which is scheduled to end in July 26, 2010.
The Standing Committee of the Congressional textile industry instructed the governor of the central bank and the Bank of Pakistan, the Bank of Punjab, the unified bank, Habib bank, Muslim bank and joint bank president to ensure their participation in the next committee meeting.
All the major banks, including representatives of the State Bank of Pakistan, attended the meeting. However, the committee expressed disappointment that these representatives lacked the right to decide.
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