A former Chairman of the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), Bilal Mulla, demanded imposition of 30 percent regulatory duty on yarn exports for six months…He said, “Imposing duty is a step in the right direction, but, is still not enough to ensure proper availability of yarn for domestic sector. The decision should have been taken earlier, due to which the spinning sector made profits at a cost to the nation.”..He added by saying that, the valued added sector generates employment opportunities for 18 million people from all sections of the workforce and earns huge foreign exchange, while other industries are not in a position to provide such huge employment capabilities. ..He informed that, the government stands to lose only $2 per kg by imposing restrictions on yarn exports, but on the other hand, value addition by the textile sector helps generate $12 per kg. ”
Date:5/19/2010
Source:Export Import Bank of the United States