According to Pakistan’s “Business Record” report, Pakistan’s Minister of Textile Industry Saeed Khan (Saeed Khan) recently attended the event of the Pakistan Textile Exporters Association and said that due to the impact of the flood that occurred once in 80 years, Pakistan’s 2010 Cotton production will fall by 30-40%, with total output estimated to be less than 10 million bales. Analysts believe that the reduction in cotton production will lead to shortages in the supply of domestic textile raw materials and rising prices in Pakistan, which will in turn affect textile exports.
Saeed Khan will persuade the Ministry of Finance and the Federal Board of Revenue to refund the sales tax and special consumption tax paid to textile exporters as soon as possible, and cash in the Textile Export Development Fund to support enterprises out of difficulties. According to statistics, as of now, the total amount of the above-mentioned funds that the Pakistani government has not paid has reached 45 billion rupees (1 US dollar is equivalent to 85 rupees).
