Zia says interest rate hike inimical to textile industry’s interests

FAISALABAD: Mian Kashif Zia Chairman PHMA (North Zone) and Chairmen and representatives of other textile associations said that the increase in interest rates is a poison killer for the industry.

Mian Kashif Zia said that in order to increase the country’s exports, the value added textile sector would have to be given equal facilities like the competitive countries and it was necessary to continue the policy initiative of electricity and gas at special rates.

All the traders and industrialists of the city termed electricity, gas and other issues as a bigger threat to the value added textile sector than Corona, said Mian Kashif Zia, Chairman Pakistan Hosiery Manufacturers and Exporters Association (North Zone). He said this while addressing a press conference at his office.

Atif Munir Sheikh President FCCI, Jawad Asghar Chairman Yarn Association, Shehzad Ahmad APBUMA, Ameer Ahmad Vice Chairman PTEA, Rana Abdul Ghafoor Embroidery Association, Khurram Akhlaq Chairman Power Loom Association, Waheed Khaliq Rame Chairman Power Loomzoners Association, Chaudhry Salamat Ali Former Central Chairman PHMA, Dr. Khurram Tariq Former Central Chairman PHMA, Syed Zia Alamdar Former President Chamber, Mian Farrukh Iqbal, Former Senior Vice Chairman PHMA, Hafiz Rashid Mahmood and other industrialists and businessmen and PHMA executive members also attended.

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

If this was not done then not only the industry would be shut down but also millions of workers would become unemployed. He said that in order to get rid of external debts, value added textile exports should be increased so as to avoid dictation of IMF.

Atif Munir Sheikh President Faisalabad Chamber of Commerce and Industry (FCCI) said that the government has to take our problems seriously and solve all the problems in the textile sector as soon as possible. He said that we have no political agenda but we want to strengthen the sinking economy by increasing the country’s exports and for this it is necessary to take all stakeholders into confidence.

Waheed Khaliq Rame Chairman Power Loom Owners Association said that our industry is also close to closure. If the present government does not reduce the electricity rates, not only the workers but also the owners will be on the streets.

Shakeel Ansari, chairman of the Sizing Association, said that the prices of our raw materials have doubled even before the rise of the dollar, and it has become very difficult to do business in such circumstances. He said that the government should immediately announce relief to the textile industry in consultation with all stakeholders.

Dr Khurram Tariq former Central Chairman PHMA said that we are not seeking any subsidy from the government in terms of electricity and gas but electricity and gas should be given to the textile sector according to their cost. He said that the entire burden of non-recovery is placed on our industry. This raises the price of electricity and gas for the industry and the entire burden is borne by our industry.

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

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

Chaudhry Salamat Ali former Central Chairman PHMA said that the government would have to seriously consider all these issues and take decisions in the national interest with the confidence of all stakeholders. He said that value added textile sector was not only a source of valuable foreign exchange for the country but was also providing employment to millions of people.

Copyright Business Recorder, 2022