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Related Keywords: appealed to save polyester filament fabric industry, does not meet, inefficient and outdated domestic PFY, Pakistan Yarn Merchants Association, PSF production, reduce custom duty on polyester filament yarns, Representatives of Pakistan textile industry, total demand of Pakistan

Representatives of Pakistan's textile industry and the Pakistan Yarn Merchants Association (PYMA) has appealed to Prime Minister Nawaz Sharif, Finance Minister Ishaq Dar, Commerce Minister Khurram Dastgir Khan to help save the polyester filament fabric industry from further disaster.

Around 300,000 knitting machines and looms have suspended operations during the last five years, resulting in directly and indirectly affecting a total of around 5 million people, Danish Hanif, chairman PYMA (Sindh-Balochistan Zone), said in the statement.

Related Keywords: domestic PFY industry, issued an SOS, looms and knitting machines, not meet total demand of Pakistan, Pakistan Yarn Merchants Association, PYMA, reduce custom duty, save polyester filament fabric industry, suspended operations, urge government, weaving and knitting industry

Pakistan Yarn Merchants Association (PYMA) urge government to save polyester filament fabric industry from further disaster. In this regard, PYMA has issued an SOS (distress call) to Prime Minister Nawaz Sharif, Finance Minister Ishaq Dar, Commerce Minister Khurram Dastgir Khan and Special Assistant to Prime Minister for Revenue Haroon Akhter.

Related Keywords: area harvested is expected to decrease, discouraging farmers from better crop management, hampering cotton production, high cost of inputs, increased pest attack, likely to be hit, Pakistan lint production, Pakistan mostly exports raw cotton to far-east countries, Pakistan Yarn Merchants Association, poor weather, weak prices

Pakistan's lint production likely to be hit by high cost of inputs, weak prices, poor weather, increased pest attacks like pink bollworm and white fly, and discouraging farmers from better crop management despite all efforts.

Pakistan, the world's fourth-ranked cotton producer after China, India and the United States, is facing a drop of around 31 percent. The country's area harvested is expected to decrease to 2.8 million hectares and yield is estimated 28 percent lower at 560 kg/hectare due to pest and disease problems and insufficient inputs.

Related Keywords: budgetary increase in sales tax, cheap cloth export, damaging the local markets, demanding withdrawal, facing cheap yarn import, on yarn and cloth, Pakistan textile sector, Pakistan Yarn Merchants Association, PYMA

Textile sector is considered back bone of Pakistan economy contributing more than 50 percent of foreign exchange for the country and providing 40 percent employment is already heavily burdened and imposition of additional sales tax on yarn and cloth would further suppress the sector. Pakistan Yarn Merchants Association (PYMA) has rejected budgetary increase in sales tax on yarn and cloth to 3% and 5A% respectively from 2% and 3% previously as anti-trade and industry and termed it a drone attack on yarn and cloth business.

Related Keywords: biggest overseas investment by China, business and economic activities, Central Asian region, China Pakistan Economic Corridor, Chinese to establish textile units in Pakistan, manufacture textile goods and export, Pakistan Yarn Merchants Association, spur huge trade, strategic game changer, turn Pakistan into economic hub

China-Pakistan Economic Corridor (CPEC), the $46 billion project is the biggest overseas investment by China announced yet and the corridor is expected to be operational within three years and will be a strategic game changer in the region, which would go a long way in making Pakistan a richer and stronger entity than ever before.