Federal Caretaker Minister for Commerce, Shahzada Alam has said that steps were being taken to pull out the textile sector from crisis. For the purpose government was consulting with business community, banks and other stakeholders, he added.
Addressing members of Korangi Association of Trade and Industry (KATI) on Friday, he termed the textile sector as backbone of country's economy, which, he said, contributing a lot in Pakistan's exports. Shahzada Alam said that some people creating false impression that economic condition of the country are not good, adding that economic indicators were showing positive signs and stock exchanges were performing well and satisfactorily.
Referring to the exports' target of Rs 45 billion by 2015, President FPCCI, Tanvir Ahmed Shaikh underlined the need of carrying out a study pinpointing the areas in which exports could be increased. He said that for the last two years textile sector was in crises and cotton production unlikely to exceed 11 million bales.
He demanded the government to allow import of polyester fiber from neighbouring country. Chairman Trade Development Authority of Pakistan (TDAP), Tariq Ikram admitted that cost of doing business had increased considerably in Pakistan.
He said that the prices of power, gas and oil were linked with international market, which beyond of government's control Chief Executive Officer of KITE Limited, Abdul Haseeb Khan said that pharmaceutical sector also need government attention.
Chairman KATI, Masood Naqi said that textile sector was facing tough competition in international market. Pakistani exports are declining and factories are closing down. He urged the government to take immediate steps to save Pakistani textile sector.