Zia says raising the interest rate harms the interests of the textile industry - Business Recorder

Zia says raising the interest rate harms the interests of the textile industry – Business Recorder

Faisalabad: The increase in interest rates is a toxic killer for the industry, Mian Kashif Zia, President of PHMA (Northern District) and heads and representatives of other textile associations said.

Mian Kashif Zia said that in order to increase the country’s exports, the value-added textile sector should be given equal facilities as competing countries, and it was necessary to continue the electricity and gas policy initiative at special prices.

Mian Kashif Zia, President of Pakistan Hosiery Manufacturers and Exporters Association (Northern District), said all the traders and industrialists in the city described electricity, gas and other issues as a greater threat to the value-added textile sector than Corona. He said this while speaking at a press conference in his office.

Atif Munir Sheikh, President of FCCI, Jawad Asghar, Chairman of the Board of Directors of the Spinning Association, Shehzad Ahmed Abuma, Amir Ahmed, Vice Chairman of the Board of Directors of PTEA, Rana Abdul Ghafoor Embroidery Association, Khurram Akhlaq, President of the Power Loom Association, Waheed Khaliq Rami, President of the Power Loomzoners Association, Chaudhry Salamat Ali Former Central President of PHMA Dr. Khurram Tariq, former Chairman of the Board of Directors of PHMA, Syed Zia Alamdar, Chairman of the Chamber of former President Mian Farouk Iqbal, former Vice Chairman of the Board of Directors of PHMA, Hafez Rashid Mahmoud, industrialists, other businessmen and executive members of PHMA were also present.

Mian Kashif Zia said that in order to increase the country’s exports, the value-added textile sector should be given equal facilities as the competing countries. He said that it is important to continue the policy of electricity and gas at special prices.

If this is not done, not only will the industry shut down, but millions of workers will also become unemployed. He said that in order to get rid of external debt, value-added textile exports should be increased to avoid the dictation of the International Monetary Fund.

Atif Munir Sheikh, Chairman of Faisalabad Chamber of Commerce and Industry, said the government should take our problems seriously and solve all problems in the textile sector as soon as possible. He said that we do not have a political agenda but we want to boost the sinking economy by increasing the country’s exports and for this it is necessary to take all stakeholders in confidence.

Waheed Khaliq Rami, president of the Power Loom Owners Association, said our industry is on the verge of shutting down. If the current government doesn’t lower electricity prices, not only workers, but landlords as well, will be on the streets.

Shakeel Ansari, Chairman of the Board of Directors of the Sizing Association, said that the prices of our raw materials doubled even before the rise of the dollar, and it became very difficult to do business in such conditions. He said the government should immediately announce a easing of the textile industry in consultation with all stakeholders.

Dr. Khurram Tariq, the former Central Head of PHMA said that we are not seeking any support from the government for electricity and gas, but that electricity and gas should be provided to the textile sector at their cost. The burden of non-refunds rests entirely with our industry, he said. This raises the price of electricity and gas for industry and our industry bears the entire burden.

Amir Ahmed, Deputy Chairman of the Pakistan Textile Exporters Association (PTEA) said that the DLTL notification has not yet been issued while the ECC has already approved it, so the DLTL notification should be issued as soon as possible so that problems can occur in the textile sector. is reduced.

Syed Zia Alamdar Hussain, former head of FCCI, said that in the past three and a half years, our exports increased from $18 billion to $32 billion. “If the government raises electricity and gas prices, our exports will start to decline gradually and the country will be on the verge of bankruptcy,” he said. He said that just as the military protects the borders, the business community also plays an important role in boosting the country’s economy.

Chaudhry Salamat Ali, the former Central Head of PHMA said that the government should seriously consider all these issues and take decisions in the national interest with the confidence of all stakeholders. He said the value-added textile sector is not only a source of precious foreign exchange for the country, but also provides job opportunities for millions of people.

Copyright Business Recorder, 2022

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