Fuente: Daily Times
LAHORE: The textile industry would not be able to procure upcoming cotton crop from farmers due to the exorbitant international prices and irrational policies of the Ministry of Textile Industry, said Gohar Ejaz Chairman All Pakistan Textile Mills Association (APTMAPunjab) here on Wednesday.APTMA leader urged both President and the Prime Minister to intervene and save cotton farmers, textile industry labour force and precious foreign exchange for the country by stopping the Ministry of Textile Industry from taking the industry to a blind alley. "Rumours are high that the Ministry of Textile Industry is going to impose regulatory duty besides imposing ban on exports of cotton yarn from the country," he said adding that any such situation would prove detrimental to the rural economy where farmers have already geared up to sow cotton. He further said it is not understandable as to why the spinning industry is being pushed to the wall with every passing day. Ministry of Textile Industry, he said, is exerting pressure in a situation where the spinning industry is already running short of 3 million bales to meet its annual 16 million bales of cotton consumption requirement."The international price of cotton has already surged to 0.95 per pound, making spinning industry unable to spin and sell yarn to local ancillary industry on subsidized rate," Gohar said. APTMA Chief said 70 percent of the 7 billion textile industry is on the verge of collapse at a time when new cotton crop arrives, and cotton farmers would be the prime victim in such event. Gohar foresees closure of 70 percent of the spinning industry by the end of May, as majority of the industry is left with cotton stocks until May 30th, followed by severe crisis due to irrational intervention in the free market mechanism by the Ministry of Textile Industry. He said only 30 percent of the mills are covered with 90 days stocks and 70 percent mills, mainly supplying yarn to the local market, are carrying 30 days cotton stocks. "Despite assurance by the Ministry of Textile Industry to support cotton import facilitation measures, no tangible steps have so far been taken to deal with cotton crisis," he added. staff report

Fuente: Daily Times – Lahore – Pakistán