KARACHI: Pakistan Weaving Mills Association (PWMA) Chairman Yousuf Prince has said that the Pakistani economy is in a desperate state because of the structural fluctuations.
Addressing a seminar held at PWMA office, he said the new government in Pakistan inherited inflation, income inequality and a lack of spending on infrastructure.
Economic stability of any country is a very essential part, which needs to be considered for growth of any sector, he said, adding textile sector is contributing 70% of Pakistan's GDP. Textile Weaving is like a core ingredient around which all other value-added products of our textiles are revolving.
Chief guest Ashfaq Tola advisor on Taxation & Financial issues to the Prime Minister, gave a presentation on the mini-budget presented by the Government last week. He talked about the growth of textile industry in last six months.
Faraz Parvez, Head of the Subcommittee on Taxation of PWMA mentioned that Pakistan weaving presents a natural interconnection, where science, technology and innovation meet art, culture and tradition. It is the core and essential part which also is key to inclusivity as it provides a bridge between agriculture and value added industry.
Yousuf Prince mentioned in the last five years, economic depression is witnessed in our weaving industry, Many Weaving industries have been shut down due high cost of production, unskilled labor, gas crisis, labor issue and decline in exports.
Rapid changes and technological advancement have increased the competition. The machinery used by the weaving industries in Pakistan is obsolete and outdated. Government has failed to provide the infrastructure, funds and loans to the SME's of the weaving industries; hence they cannot install new machinery. This is far more efficient and can perform tasks in an easier and faster manner.
Yousuf Prince urged the Government to look into the problems being faced by the small weavers. Mostly who are doing their business/weaving on rented properties are not being benefited from Textile incentives, instead are being forced to shut down their weaving units.