Hikes in energy tariffs causing adverse impact on industry: APTPMA

FAISALABAD: Current account & trade deficit and political instability, increase of US Dollar and energy prices has created devastating consequences on our industry, business and economic activities.

This was discussed by the central executive committee meeting of All Pakistan Textile Processing Mills Association (APTPMA) during an emergent zoom meeting here the other day. The meeting was chaired by the Chairman APTPMA Engr. Hafiz Ihtasham Javed from APTPMA H O Secretariat Faisalabad, and Co-Chaired by M. Zubair Motiwala; Patron-in-Chief APTPMA from Karachi attended, among others, by the Office-Bearers &Executive Committee Members of APTPMA Faisalabad, Karachi and Lahore/Gujranwala Regions.

Elaborating his grave concern on the current critical situation of textile processing industry and business, the Chairman APTPMA told the meeting that hike of dollar price has increased gas and electricity prices by 85% and 33% respectively which is pushing our industry to the verge of complete closures and collapse. He said that more than 70% textile processing industry has been closed in Faisalabad, Karachi, Lahore, Gujranwala and other cities of the country.

The Patron-in-Chief APTPMA stressed that if we want to increase our textile exports like Bangladesh, regionally competitive energy prices must be ensured for our industry. There is urgent need to reduce our current account and trade deficit and our Govt should make a charter of economy and economic policies and reforms. He said that our Govt should sit down with all the stakeholders for concrete solutions of the current critical issues faced by our industry and business.

He talked about importance of value addition and said that textile processing sector is a special sector and when we talk about value addition and earning more dollars/forex, and if we want to give identity to any item in textile is dest of pass through processing, because dyeing and printing of raw fabric in processing sector make it possible “Made in Pakistan” or Made in Japan.

It was also furnished in the meeting that for the economic stability in Pakistan there is need of stable political Govt and to attain stable political setup in this situation, urgent Election is inevitable for stability of our economy and Pakistan.

Concluding of the meeting, it was unanimously resolved by the meeting that to get rid of current uncertainty, business and economic crisis, powerful circles of Pakistan should play their positive role to make political and economic stability in our country forthwith. He said that the Charter of Economy is the most important need of the hour to get the country out of the economic crisis.

Copyright Business Recorder, 2022