5pc ST withdrawal on cotton import greeted.

KARACHI -- Syed Mazhar Ali Nasir, Senior Vice President FPCCI lauded government decision to consider withdrawal 5 percent sales tax on the import of cotton and termed it in line with the demand of the textile sector.

In a statement he said that the depressed textile sector has taken a sigh of relief because due to the high cost of doing business and inadequate supply of raw cotton almost 140 textile mills closed their operations resulting in a loss of one million jobs.

Further around 75 to 80 mills were on the verge of closure which would add another 0.5 million to the unemployment figure, he remarked. He pointed out that due to the closure of about 140 mills and the mills operating under...