Move to Bar the Textile Mill from accessing its Cotton Stock would affect Pakistan’s Exports Mian Nasser Hyatt Maggo President FPCCI - AsiaNet-Pakistan

Move to Bar the Textile Mill from accessing its Cotton Stock would affect Pakistan’s Exports Mian Nasser Hyatt Maggo President FPCCI

January 11, 2021 | | Share:

Karachi, January 11, 2021 (PPI-OT): Mian Nasser Hyatt Magoo President, Federation of Pakistan Chambers of Commerce and industry strongly condemns action to disturbed the growth of Pakistan’s exports which is showing positive trend under the prevailing difficult environment. He urged the government and Ministry of commerce to immediately take notice of the Pakistan Railways against Gul Ahmed Textile Mills Limited, a leading exporters contributing significantly in the economic development of Pakistan.

President FPCCI said that the Gul Ahmed Textile Mill Limited legally acquired premises where it kept all its cotton stocks in bulk quantities whose lease documents have been vetted by the Supreme Court of Pakistan and the Sindh High Court.

He stated that the Railways authority is taking action at time when textile mills/exporters are engaged to deliver their exports orders while on the other hand presently local production of cotton does not match with the demand therefore, the textile exporters are importing cotton and placing it in their suitable yards. This action would not only affect Pakistan’s export but also put thousands of workers’ jobs at stake. Gul Ahmed is the biggest exporter of textile products and this move to refrain the textile mill from accessing its cotton stock would affect its production activities and their exportable consignments may also suffer delays and ultimately will cause loss of revenue reputational damage and confidence of the foreign buyers.

Mian Nasser Hyatt Magoo President, Federation of Pakistan Chambers of Commerce and industry urged the Government and Ministry of Commerce for prompt intervention to allow access to the raw material by Gul Ahmed Textile Mill Limited so that its workers remain at work, export operations continue without any disruption.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: info@fpcci.org.pk
Website: http://fpcci.org.pk/

The post Move to Bar the Textile Mill from accessing its Cotton Stock would affect Pakistan’s Exports Mian Nasser Hyatt Maggo President FPCCI appeared first on Business News Pakistan.

Category: English, General Business News