SIALKOT: Chairman, Pakistan Hosiery Manufacturers & Exporters Association (PHMEA) Sialkot, Musharraf Iqbal Khawaja have urged the government to take immediate action to provide relief in energy costs and interest rates.

The current economic situation has necessitated the need for these measures to ensure the survival and growth of the value-added textile sector.

The value-added textile industry plays a crucial role in Pakistan's economy, contributing significantly to exports and employment. However, the industry is currently facing numerous challenges that require urgent attention from the Government.

One of the primary concerns is the escalating energy costs, which have severely impacted the operational expenses of textile manufacturers. The burden of high-energy prices hinders the competitiveness of our products in the global market, putting our industry at a disadvantage against international competitors.

He said, we believe that it is essential for the government to introduce policies that provide relief in energy costs for the value-added textile industry. By reducing energy tariffs and ensuring uninterrupted power supply, manufacturers will be able to optimize their operations, improve productivity, and remain competitive in the global market. We strongly urge the government to consider this vital aspect and take necessary measures to alleviate the financial burden on textile manufacturers.

Another critical concern for the value-added textile industry is the high interest rates imposed by financial institutions. The current interest rates are prohibitive and make it challenging for manufacturers to access affordable financing for business expansion and modernization.

PHMA Sialkot stands united with textile manufacturers in demanding relief measures for the value-added textile industry.

Copyright Business Recorder, 2023