Provision of 60 MMCFD LNG to Punjab textile industry hailed

MULTAN: The Multan Chamber of Commerce and Industry has welcomed the government’s decision to supply60 MMCFD LNG to the Punjab-based textile industry in winter.

Talking to journalists here, MCCI president Fareed Mughees Sheikh thanked Prime Minister Nawaz Sharif, Federal Finance Minister Ishaq Dar and Federal Petroleum Minister Shahid Khaqan Abbasi for saving the Punjab’s industry from closure and saving the jobs of thousands of workers.

This single step shows that the federal government was serious in resolving textile industry issues, he added. However, he termed it an expensive solution and said that high cost of energy was already hitting hard the operational cost of the Punjab-based textile industry.

He was of the view that the government had always taken the textile industry as a mainstay of economy and was all serious on lessening its burdens in line with the regional competitors. He urged the government to immediately announce remaining part of the textile package, which includes five per cent rebate on exports and zero rate regime throughout the entire textile value chain, extension of Export Refinance to spinning and weaving sub-sectors, introduction of safeguards through tariffand non-tariff measures against the inroads of synthetic yarns and fabrics in domestic market, removal of electricity surcharge and GIDC and availability of incentives in the export market by matching the regional support package. He urged the PM to save the textile industry from further collapse and announce the remaining part of the textile industry package immediately.