Value-added textile sector: revival of sick units must for benefiting from GSP Plus: FCCI

The revival of sick units should be the top priority of the government in order to fully harvest the benefit of GSP Plus and it is also imperative to provide jobs to the unemployed youth, said Suhail Bin Rashid, President of Faisalabad Chamber of Commerce & Industry (FCCI). He was chairing a special meeting for the revival of sick units.
The meeting was attended by Mian Azhar Majid of Arzo Textile, Mushtaq A. Cheema of MSC Textile, Mian Muhammad Latif of Chenab Group, Mian Farhan Latif, former President of FCCI, and Muzammil Sultan. The meeting discussed and reviewed the situation, particularly for the revival of sick textile units in Faisalabad. The participants of the meeting urged the government to take immediate steps for the revival of value-added textile sector as the yarn consumption at international level was declining for the last few years and the whole production of spinning units will be in the local value-added textile sector.
Mushtaq Ali Cheema said every government has two basic responsibilities, including earning foreign exchange and providing jobs to the work force. He said the value-added textile sector was capable of catering to both these basic fundamental requirements. Hence, the revival of sick units was very important for the government as well as for the country.
Suhail Bin Rashid briefed the meeting about his meeting with the SBP Governor and said the Ministry of Textile has already issued a notification for the revival of sick industrial units in which two major banks have been included. He said the Secretary of Textile was out of the country and upon her return the case will be further pursued. Participants of the meeting expressed satisfaction that during May 2014, export of value-added textile products have increased significantly but industrial units still were not fully utilising their installed capacity. He said steps should be taken for the revival of sick units by providing them necessary working capital so that these units could increase textile exports to $25 billion without any additional investment.