Textile sector revival urged

LAHORE: All Pakistan Textile Mills Association (APTMA) has called on Muhammad Pervaiz Malik, the new commerce and textile minister, to take immediate measures for the revival of the sector, a statement said on Saturday.

“We appeal to the new minister to convene a meeting of Federal Textile Board (FTB) and ensure that all the recommendations that have already been finalised are implemented in true letter and spirit” said Syed Ali Ahsan, chairman APTMA Punjab chapter.

Ahsan said a widening trade deficit can only be managed by strengthening export-led growth strategy and allowing the textile industry to produce exportable surplus to increase exports.

“The textile industry is ready to work closely with the government and come up with a vision to double the exports through full utilisation of the stalled capacity and revive the growth momentum,” the APTMA official said.

He said the high cost of doing business, liquidity crunch, policy-implementation divide, a surge in subsidised imports of yarns/fabrics, and a delay in the release of funds from Rs180 billion textile package, are some of the major concerns of the industry at present.

“Both the earliest revival and growth of textile industry are a must to steer it out of a trouble and contribute to the exports of the country,” he said adding, “Let the domestic industry grow while enjoying the first right to avail opportunities against the competitors.