LAHORE, July 15: The Faisalabad textile industry called off strike after a meeting of business leaders with Prime Minister Yousuf Raza Gilani here on Tuesday.

“The prime minister has asked us to call off strike and to attend a meeting with the finance minister (in Islamabad on Thursday) to apprise him of the problems,” said president of Lahore Chamber of Commerce and Industry Mohammad Ali Mian after a meeting with the prime minister at the Governor House. He told Dawn that the LCCI had also withdrawn its strike call for July 18.

Ali Mian said the main demands of the business community included with

drawal of the recent increase in the gas prices and increase in sales tax rate to 16 per cent, resumption of research & development (R&D) support to the value-added textile exports at the uniform rate and withdrawal of 10 per cent withholding tax on power bills.

He said the prime minister had appealed to the business community to call off strike because both the country and the businessmen were suffering losses.

“The prime minister has assured us of resolving all problems in order to help the business and the economy to grow and prosper rapidly,” he said.

The Pakistan Readymade Garment Manufacturers and Exporters Association has appreciated the prime minister’s initiative to begin dialogue with textile bodies for solving their problems.

It said the apparel sector was the main victim of the rising energy prices, which had eroded its competitiveness as it was already affected by the rising cost of production on account of higher cotton prices.

Finance Minister Naveed Qamar will hold a marathon meeting with business leaders from across the country and industries on Thursday (July 17) evening to get a sense of their problems, especially the issue of their rising cost of doing business, that are said to have been aggravated due to the recent hike in the energy prices and suspension of cash subsidy to textile exporters, as well as certain other budgetary measures.