Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Standing Committee on dyes, chemicals and allied products Chairman, Saquib Fayyaz Magoon, has called upon the importers of dyes and chemicals to go for manufacturing of these items to meet domestic requirements to save the country's precious foreign exchange. In a statement issued here, on Sunday, Saquib said that the import of chemicals and dyes during 2003-2004 was to the tune of $1.44 billion.
He emphasised the need that businessmen should go for manufacturing dyes and chemicals in the country, as there was a big scope of locally manufactured items of these products.
He said that several developed countries are interested to share their technological developments in the field with developing countries, hence we should try to acquire them through joint venture collaboration, the statement added.
He further stated that disperse and reactive dyes falling under HS Code 3204.1100 and 3204.1600 were still attracting 15 percent custom duty although other items of dyes were to be charged 5 percent duty. This anomaly needs to be removed to avoid confusion, he added.-PR