Half-hearted attempts to solve textile crisis would be detrimental to national economy, said Pakistan Textile Exporters Association (PTEA) Chairman Zahid Aslam. Talking to newsmen, he said that closure of spinning units and five percent decline in textile exports during August failed to wake up the government and then there was no hope to drag out the textile sector from dying down.
He said the government officials and institutions were fully aware of the gravity of the situation but they failed to wake up the policy and decision makers rendering the textile sector helpless. He said the textile exporters made heavy investment of $4billion during the last 2 to three years in the hope to improve quality and quantity in the quota phase out regime. In this connection, they got loans at three percent interest rate, which has now jumped to double digit. The prices of various utilities have also increased exorbitantly making our products uncompetitive in the international markets.
About law and order situation, he said it was worsening day by day and president and the PM had also been forced to restrict their movements within the country. In these circumstances, no foreign investor would dare to come to Pakistan, he added.
He mentioned about the recommendations of travel advisory council of America asking its citizens not to go to Pakistan. Similarly, Chinese have also been forces to send back their families due to security reasons. He lamented that the government had neither time to improve law and order nor to save textile sector, which was fast plunging towards a total collapse.