'Six-day gas loadshedding to cause colossal loss to industry'

Chairman Pakistan Textile Exporters Association (PTEA), Wasim Latif has said over 50 percent units of the textile industry in the country have already closed down due to severe energy crisis and in case the textile processing mills are closed due to 6-day gas loadshedding, it would give a colossal financial loss to the industry.
He was addressing the news conference arranged by All-Pakistan Textile Processing Mills Association (APTPMA) here on Thursday. Millions of workers would also lose their jobs, he said adding that the textile sector was earning 10 billion dollars foreign exchange per annum and in case the textile sector was exempted from electricity and gas loadsheeding, it could enhance the foreign exchange earning, ranging from 20 to 25 billion dollars a year by augmenting our textile exports provided undisturbed electricity and gas is ensured for the textile industry.
He said that the government should chalk out a comprehensive policy for boosting the industrial production and augmentation of the textile exports. Latif said that the government has acquired a loan of 1.5 billion dollars from IMF on harsh terms and payment of heavy mark-up but the textile sector which was indeed a backbone of the Pakistani economy was earning direly needed foreign exchange of dollar 10 billion a year without receiving any concession from the government despite almost double prices of the raw material, electricity and gas rates.
Mian Aftab Ahmed,former Chairman, APTPMA and Abdul Hameed Bhatti of Pakistan Hosiery Manufacturers Association also spoke on the occasion. During the question/answer session, Sheikh Abdul Qayyum, President FCCI, Wasim Latif, Chairman, PTEAl and Muhammad Saeed Sheikh, Regional Chairman, APTPMA said that the exporters of the country have already stopped the purchase of yarn and coarse cloth from the market and in case the textile processing sector was closed down, it would bring devastating effects on country's economy and render millions of workers jobless.
They said that in case the gas supply to textile processing sector was not restored within next 24 hours, the workers would resort to hunger strike and protest against the government. They asked the government to resolve this critical problem of the textile sector through immediate mediation.