Dhs punjab, Country in South Asia

The textile firm owners in Karachi have threatened to stage a protest over the delay by authorities in the clearance of cotton containers in an indication of problems in a sector in Pakistan that provides employment to a large number of people. Pakistan is already struggling to boost its depleting foreign exchange reserves.Geo News reported citing The News that the protest has been threatened due to the delay in the clearance of imported cotton containers at Karachi port.The report quoted All Pakistan Textile Mills Association (APTMA) Chairman Hamid Zaman as saying that the textile industry will be forced to protest if the government doesn't clear the imported cotton.He told a programme organised by Lahore Economic Journalist Association that the textile industry would fail to meet an export target of $25 billion in the current year on the non-availability of raw materials, mainly raw cotton."This year, textile exports will be limited to $16-17 billion," he predicted.Geo News report said the textile industry imports raw cotton and after value addition exports it at four times the imported value and the government should allow exporters to import 35 per cent of the export value.The APTMA chief warned that seven million people associated with the industry will be unemployed in January if things are not controlled."The industry was left with 60 days' of raw materials only and if timely clearance of already arrived cotton will not start from the port, textiles will completely shut down. This will result in unemployment of 25 million people across the country," he warned.Almost 30-50 per cent of the textile industry of Punjab, Khyber Pakhtunkhwa, and Sindh had already been completely or partially closed, Zaman said according to the report .APTMA chief urged the government to instruct commercial banks as well as the State Bank of Pakistan to ensure the timely opening of letters of credit for the cotton importers to avoid any export crisis.Demurrages and detention charges on imported goods had exceeded the value of the goods that foreign companies had to pay, Zaman said.The report cited APTMA senior vice chairman Kamran Arshad as saying that a severe shortage of raw cotton was there in the local market as the country had produced only 4.6 million cotton bales and that 15 million cotton bales were required to achieve $20 billion in exports.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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