International Cotton Association declares 84 textile mills ‘defaulters’

The International Cotton Association (ICA) has placed at least 84 Pakistani textile mills on the defaulter’s list and prohibited them from trading in the world cotton markets. The ICA website revealed on Monday that 84 Pakistani textile companies could not honour their cotton purchase agreements, and association members were asked not to enter into any deal with them. Most of these units are in Karachi and Lahore, and a few are from Faisalabad, Multan, Hyderabad and Kasur. Sources say some of these mills have closed or partially closed their operations. Some of the defaulting units are owned by leaders of the All Pakistan Textile Mills Association (Aptma) and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). They have also been part of various government setups and are enjoying and demanding certain subsidies and other facilities from the government.