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Exempt Pak textile sector from load shedding: LCCI
07
Feb '12
Lahore Chamber of Commerce and Industry (LCCI) and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have sought exemption of the country's textile industry from load shedding, to take maximum advantage of the €900 million trade waiver offered by the World Trade Organization (WTO).

In addition, FPCCI has also asked the Government to rollback the recent hike in prices of fuels like gas to save the domestic industry from irreversible loss and to strengthen the country's economy.

In a joint statement SAARC CCI Vice President Iftikhar Ali Malik, LCCI Senior Vice President Meher Kashif Younis and FPCCI President Senator Haji Ghulam Ali demanded that the Government should prioritize industrial and agricultural sectors, particularly the textile industry, to benefit from the two year WTO waiver, and thereby to boost their competitiveness in world markets.

The trio urged the Government to ensure uninterrupted power and gas supply all through the year, particularly for the textile sector, to facilitate economic development and to boost export earnings.

Subsistence of a nation largely depends on a sound economy, and hence the Government should streamline its load shedding policy, allowing the textile sector to prosper, the officials said.

According to SAARC CCI VP Mr. Malik, increase in prices of gas, petroleum and power would further distress the producers, who are already suffering due to gas and power outages.

He added that high prices have resulted in liquidity crunch for industrial raw material importers, and in view of the current world trade situation, banks should cut their high mark up rates to bring them in single digit to boost the industry.

LCCI Vice President Saeeda Nazar, Senior Vice President Meher Kashif Younis and Executive members Mian Waqar Ahmad and Aftab Ahmad Vohra said power and gas shortages coupled with a rise in prices would further put pressure on the textile industry, which is already grappling with high mark up rate.

Fibre2fashion News Desk - India

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