LAHORE, July 16: The Prime Minister’s advisor on finance and economic affairs, Dr Salman Shah, has assured spinners of positively considering their proposals to steer the spinning sector out of the current crisis.
In a meeting with a delegation of spinners, led by All-Pakistan Textile Association (Apta) chairman, Adil Mahmood, on Monday, the advisor said he would convene a meeting of presidents of different commercial banks soon to reduce pressure on the industry due to increased cost of credit.
The Apta had urged Dr Shah to take steps to provide immediate relief to the industry by deferring payment of interest payment on loans obtained by the spinners over the last few years for at least one year.
The spinners had also urged him to allow free import of all types of cotton via Wagha and remove 6.5 per cent customs duty on import of polyester fibre staple as short-term measures to support the industry reeling under increased cost of production and unfair competition in the global markets.
The advisor assured the spinners that he would consider their proposals and find a solution to overcome the crisis in the next one week.
He said the Apta delegation also clarified to the advisor that there was a misperception that the spinning industry was inefficient.
“We told him that spinning is the most efficient sector and an international consultant hired by the government to assess the condition of textile industry had said so in its report,” he said.
