The Chief Executive of Trade Development Authority of Pakistan, S M Munir has said textile exports have dropped considerably due to delay in the announcement of Textile Policy. Talking to Aaj TV programme 'Paisa Bolta Hai', Munir said the authority is ready to work for the enhancement of textile exports, but they are helpless as the Textile Policy has been delayed for four months.
"A long-term Textile Policy will enable the TDAP to take certain measures to enhance textile exports," he added. He said textile has a major share in Pakistani exports and it has been largely affected by sit-ins in Islamabad, shortage of electricity and gas, etc. "We should address the problems being faced by textile sector on an urgent basis," he added.
He said the Minister for Textile visited TDAP Karachi head office where he assured that the policy will be announced soon. A meeting of the ministry with All Pakistan Textile Processing Mills Association (APTPMA) is also scheduled for next week. While talking to Business Recorder, S M Tanveer Chairman APTMA said the association has a scheduled meeting in Islamabad next week to discuss the problems being faced by the textile industry of Pakistan.
He said in last five months, textile exports dropped by $1.2 billion and if this trend continued the industry would suffer a loss of $2.4 billion by the end of current year. He said the industry is facing multiple challenges which need immediate attention. Shortage of gas and electricity are major impediments. He said another factor which would also come under discussion in the upcoming meeting is intra-provincial gas and electricity tariff.
The TDAP CE said the cost of utilities in textile industry increased manifold which ultimately affected the production cost. He said electricity and gas rates in Punjab increased by 67 percent and 33 percent respectively. He said the textile industry of Punjab is also suffering Rs 82 billion loss on account of gas charges as compared to other provinces where 100 percent gas is available, but in Punjab 33 percent gas has been allocated.