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July 17, 2017

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Textile sector collapsing slowly: ICST

Textile sector collapsing slowly: ICST

ISLAMABAD: The Islamabad Chamber of Small Traders (ICST) on Sunday said the textile sector which is the backbone of the economy is slowly collapsing, therefore, the government should take note of the plight of this sector.

Weak trade diplomacy and semi-educated export managers proved to be a double whammy for the export sector, which was already reeling under various problems, it said.Failed trade diplomacy is one of the reasons behind the dwindling exports which has forced the government to borrow from international lenders repeatedly to save the country from default, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

He said that fundamental changes should be introduced in the export sector otherwise the government will have no option but to borrow to keep the forex reserves within respectable limits.

The textile sector, the backbone of the economy, is going down for which incompetent export managers who were appointed on political considerations are responsible for the current dismal situation, he added.Shahid Rasheed Butt said that exports of the other countries are going well but local authorities get comfort in blaming the global recession.

He said that Rs 14 billion textile sector holds 57 percent share in exports, 46 percent in manufacturing, 38 percent in labour and nine percent share in GDP which was left at the mercy of the incompetent officials who prefer to spend most of their time abroad.

He said the textile sector continues to await refund claims worth billions of rupees which has compromised its ability which is a great threat to 3.5 million people linked to it.Other countries stabilise their forex reserves through exports while Pakistan is forced to beg for it which required radical changes in the export sector plagued by nepotism, he said.

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