Businessmen demand ban on yarn export

LAHORE: The business community of Kasur has demanded of the government to impose a ban on yarn export as it would not only render thousands of workers jobless but would also cause closure of factories.

The businessmen were talking to Lahore Chamber of Commerce and Industry President Zafar Iqbal Chaudhry during his visit to Kasur on Wednesday. Former LCCI president Mian Shafqat Ali and former vice president Shahzad Ali Malik were also present in the meeting.

They said at a time when developed economies of the world were concentrating on value-addition to earn foreign exchange, the government was doing the other way round by allowing export of yarn. They said recent export of yarn to China had jacked up the commodity’s prices by 30 to 40 per cent and due to this increase the weaving industry was facing a crisis-like situation which could result in total closure of the yarn sector.

Speaking on the occasion, Convener of LCCI Standing Committee on Kasur Hafiz Mohammad Munir and Co-convener Chaudhry Zahid Hussain sought the help of LCCI president to get the government to withdraw the proposed 13.6 per cent hike in electricity prices.

They said shortage of electricity and gas was already hitting the entire business community hard and the increase in power prices would be like adding fuel to fire; therefore the government should review its decision in the larger interest of the country.

In his address, Zafar Iqbal said the LCCI would take up the issue of yarn export with the commerce minister for the sake of local industry.

He said it was time for the government to give some incentive to the businessmen who were doing business in such difficult conditions, but unfortunately the policies being evolved by the government were not business-friendly and the government should take the stakeholders into confidence on this matter.