Industrialist says KP textile mills facing shortage of raw material

PESHAWAR: Chairman Khyber Pakhtunkhwa Textile Mills Association Afan Aziz on Tuesday said that the spinning textile mills in the province were facing acute shortage of raw material due to problems in establishing letter of credit.

In a statement, he said that spinning textile mills in Khyber Pakhtunkhwa were at the verge of closure due to acute shortage of raw material owing to problems in establishing letter of credit.

He said that they had sent a letter to the Governor of State Bank of Pakistan and requested that this issue should be resolved as soon as possible. He praised the state banks’ circular issued on December 27, 2022, which relaxed import restrictions on export-oriented sector imports.

Afan Aziz said that spinning mills were export-oriented sector and thus qualify for import relief.

He expressed his concern that raw materials in KP spinning mills were rapidly depleting, threatening mill closure. He contended that the closure of mills would result in massive unemployment in KP.