Textile bodies term ‘imbalance of payments’ main problem

FAISALABAD: All textile associations, in the joint press conference, held at the Pakistan Hosiery Manufacturers and Exporters Association (North Zone) office recently, appealed to the government to resolve the problems and said the main problem of the country is the imbalance of payments.

In the joint press conference of all textile associations, Muhammad Amjad Khawaja, Senior Vice Chairman, PHMEA (North Zone), Dr Khurram Tariq President FCCI, Arif Ehsan Malik APBUMA, Waheed Khaliq Rame Power Loom Owners Association, Chaudhry Muhammad Nawaz and Chaudhry Ijaz Ahmad Nagra Power Loom Association, Hafiz Muhammad Asghar APTPMA, Mian Kashif Zia, Zanoon Nazir, Hazar Khan And other industrialists also participated.

PHMEA (North Zone) Senior Vice Chairman Muhammad Amjad Khawaja said Pakistan was currently suffering from severe economic problems due to which not only the factory owners but also millions of workers and employees were suffering from severe problems.

Referring to the circular of SBP, he said the government had placed the import of the textile sector at the third level, adding “if the import of raw materials is not allowed, the exporters will not be able to fulfill their orders.” He said the economy would get improve only when the wheel of the industry ran.

PHMEA concerned over decline in textile exports

President FCCI Dr Khurram Tariq said the main problem of country was the imbalance of payments. He said “in exchange of 100 percent value of export, exporters should be allowed to import raw material equal to 35 percent value because without raw material we cannot export.”

He said that putting the burden of line losses and recovery of any DISCO on the customers of other DISCOs is excessive. He said that the government has completely failed to solve these problems. He said the country’s economy is on the verge of destruction due to the clear difference in the exchange rate of the dollar.

Arif Ehsan Malik, former chairman of APBUMA, said that the government must consider our problems seriously and solve all the problems of the textile sector soon. He said “we have no political agenda, we want to strengthen the sinking economy by increasing domestic exports with our business, and it is important that all stakeholders are taken into confidence.”

Copyright Business Recorder, 2023