NKATI calls for action against local producers’ cartel
KARACHI: North Karachi Association of Trade and Industry (NKATI) president Faisal Moiz Khan has expressed concern over the artificial scarcity created by the local producers of industrial raw materials and the skyrocketing prices, and appealed Adviser to the Prime Minister Imran Khan on Commerce and Investment Abdul Razak Dawood to take action against stock-pilers of raw materials.
He requested the adviser to also play his vital role in ensuring uninterrupted supply of raw materials at reasonable prices as per the demand of the local and export-oriented industries.
In a letter to Dawood, the NKATI president said the local producers have created artificial shortage of raw materials by forming cartels, and by massive hoarding, prices have skyrocketed, which has increased 300 to 400 times, making raw materials unavailable for the local industries as per the demand, while the production activities of export-oriented industries were also being severely affected.
Khan said: “[The] local producers of industrial raw materials were making huge profits by selling expensive raw materials, justifying the rising value of the dollar, which was totally illegal. The government should take immediate notice of this looting and take steps to prevent stockpiling of raw materials.”
Khan said that the processing industry, especially the chemical industry, was facing the biggest shortage of raw materials, which was hurting the export industries.
If the goods cannot be processed, then timely shipment will not be possible. This will definitely lead to an economic crisis in the country, he added.
“The prices have been increased 300 to 400 times, especially for the formic acid, acetic acid and sulfuric acid. The caustic soda has also become a major problem, as hydrogen prices have also been increased. The entire wreckage of which is being dumped on the international market. It has not been settled but the prices have been increased many times by including duty and freight etc,” he said.
If the government did not intervene immediately and support the exporters, the industrialists would suffer.
Khan appealed to the adviser to take action against the cartel of local producers of industrial raw materials, and said the problems of Karachi industrialists should be seriously addressed, as they are playing a vital role in Pakistan’s economic development.
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