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Govt assures additional gas supply to textile industry
07 Jul '11
2 min read
Textile industry is fully hopeful that Federal Minister for Petroleum & Natural Resources Dr Asim Hussain would ensure five days a week uninterrupted gas supply to the textile industry, said spokesman of All Pakistan Textile Mills Association (APTMA).
He said the Federal Minister had held meeting with APTMA management and assured gas supply to the textile industry for five days a week effective from 10th July onwards.
According to him, the textile industry was already facing gas shortage since April, incurring a loss of $1.5 billion till date. He said the textile industry cannot afford further curtailment especially before the arrival of bumper cotton crop.
The textile industry is unable to invest $1 billion annually due to energy shortage, putting Pakistan far behind on ITMF map of textile industry investment, said the spokesman.
He said the energy shortage is proving a stumbling block in smooth sailing of textile industry, amidst a highly conducive to investment under prevailing international trade scenario.
According to the APTMA spokesman, there are adverse consequences of lagging behind in the investment in the textile industry limiting it to produce exportable surplus to meet $25 billion exports and generate one million additional jobs until 2014-15, he added.
The APTMA spokesman said the government needs to accord priority to ensure uninterrupted energy supply, provide globally competitive interest rates to enable textile industry benefit from the business situation ahead. He said it is irony that the textile industry has been unable to undertake BMR since 2006-07 simply due to the adverse circumstances hitting it one after another.
He said the government should immediately make arrangements leading to end of energy shortage and bring bank mark up down to the globally competitive interest rate.
He said the Federal Minister had held meeting with APTMA management and assured gas supply to the textile industry for five days a week effective from 10th July onwards.
According to him, the textile industry was already facing gas shortage since April, incurring a loss of $1.5 billion till date. He said the textile industry cannot afford further curtailment especially before the arrival of bumper cotton crop.
The textile industry is unable to invest $1 billion annually due to energy shortage, putting Pakistan far behind on ITMF map of textile industry investment, said the spokesman.
He said the energy shortage is proving a stumbling block in smooth sailing of textile industry, amidst a highly conducive to investment under prevailing international trade scenario.
According to the APTMA spokesman, there are adverse consequences of lagging behind in the investment in the textile industry limiting it to produce exportable surplus to meet $25 billion exports and generate one million additional jobs until 2014-15, he added.
The APTMA spokesman said the government needs to accord priority to ensure uninterrupted energy supply, provide globally competitive interest rates to enable textile industry benefit from the business situation ahead. He said it is irony that the textile industry has been unable to undertake BMR since 2006-07 simply due to the adverse circumstances hitting it one after another.
He said the government should immediately make arrangements leading to end of energy shortage and bring bank mark up down to the globally competitive interest rate.
All Pakistan Textile Mills Association (APTMA)
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