KARACHI: All Pakistan Textile Mills Association (Aprma) chairman on Monday urged the government to solve the problems faced by the textile industry to save the economic growth of the country.
In a statement, Aptma Chairman Tariq Saud criticised the government for not resolving the problems faced by the textile industry and urged the authorities to wake up from their slumber.
He said the availability of 24/7 energy to the industry would only be useful when the viability of the industry was restored.
He reminded that textiles were the mainstay of the country’s economy with backward and forward linkages and highest number of employees, apart from being the chief export earner. He said if this unfriendly attitude continued, the industry would move towards the point of no return.
“Only 30 percent of the listed companies of the textile industry performed marginally, while the remaining 70 percent companies show closure or negative results," he added.
Financials of the non-listed textile companies were even worst and the exports of the sector registered negative trends over the last two years. Unprecedented cotton crop failure caused 35 percent drop in production this year, the statement added.
Saud said the cotton stranded at the Wagah border should be immediately released to operationalise the industry, which was closed due to shortage of cotton.
The prime minister had assured introducing zero rating regimes for the industry, ensuring ‘No Tax No Refund’ for the entire textile value chain, and only taxes on domestic consumption of finished textile fabrics and garments.