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Pakistan Is Formulating New Cotton Policy.

2010/5/27 17:22:00 10

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Rana Muhammad Farooq Saeed Khan, Minister of Pakistan's Federal Ministry of textile industry, revealed that the government is developing a new comprehensive cotton policy designed to safeguard the interests of all stakeholders. Rana Mohamed Farooq Saidkhan,

On Monday, he said in a symposium on textile industry's compliance with contracts, the textile industry is an important pillar of the national economy, and the development of the textile industry has been included in the government's highest agenda.

He also announced that the government would not allow the market to manipulate the cotton farmers, and that the government would buy all cotton output, and then cotton should be pferred to the spinning department as needed.

He said that the federal government is laying a solid policy for the further development of the textile sector and improving its productivity to help the textile industry earn 25 billion dollars a year. He added that in order to achieve this task, the government will provide all support to stakeholders.

He said that at present, the government is trying to protect all stakeholders' power, including the spinning department, the value-added textile sector and the cotton fabric sector.

He said a 15% regulatory tax on yarn exports would prevent the value-added textile sector from collapsing, because the value-added textile sector faced many difficulties, including respect for export contracts signed with foreign buyers.

The minister said that because of the Levy of export tax on cotton yarn, the difficulties of the value-added textile sector were alleviated, and yarn prices also dropped by a large margin.

"If only 20 large spinning enterprises are to be taken care of is unfair, the whole value-added sector will be in trouble," he added.

He said that the direct and indirect employment opportunities created by the value-added textile sector exceeded 20 million, and the yarn crisis made a lot of layoffs in the value-added sector. Therefore, levying the yarn export adjustment tax is the correct decision of the government, rather than keeping silent and letting a large number of workers lose their jobs.

He hoped that the spinning department could understand the government's decision, and that they should act in good faith rather than loudly against it.